The cost of apartments on the primary market in most Russian cities with a population of more than one million has more than doubled over the past four years. A state-supported mortgage was launched in April 2020.
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As Izvestia reports, according to estimates by analysts from the Etazhi business group, in 10 out of more than 16 million cities the average price per square meter in the primary market has more than doubled. In Russia as a whole, it increased 1.9 times: from 67,778 thousand rubles in April 2020 to 128.2 thousand rubles in April 2024.
“The important difference between secondary and primary housing has caused an imbalance in the real estate market. As a result, the average price per square meter in new construction in some cities turned out to be higher than in finished housing,” said Ildar Husainov, director of Etazhi.
The cost of apartments in new buildings increased the most in Omsk (2.8 times), as well as in Nizhny Novgorod (2.7 times), Rostov-on-Don and Krasnodar (2.5 times). In Moscow, the price of housing in the primary market during the same period increased 1.7 times, in St. Petersburg – 1.9 times.
State-supported mortgages were launched in April 2020 as a support measure during the pandemic. The program expires July 1, 2024.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
