In Russian cities with a population of more than a million, prices for apartments in new buildings have begun to fall. The trend may continue for about another year and a half, and the overall price drop may be 15%. Representatives of aggregators and real estate agents told Izvestia about this.
Author:
https://rb.ru/author/mihail-zelenin/
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According to their data, the leaders in the fall in prices for apartments in new buildings in October were Sochi (-1.3%), Kaliningrad (-1%) and Krasnodar (-0.1%). At the same time, in Kaliningrad prices fell for the fourth consecutive month and in September real estate prices fell by a record 5.3%, said experts interviewed by the publication.
“So far the new construction market has not stopped growing, but now the remaining construction projects of the developers have not been confirmed by financing. The markets of Moscow and St. Petersburg still maintain relative stability, but the regional ones have sunk even further,” Andrei Bannikov, president of the Moscow Guild of Realtors, told Izvestia.
Developers interviewed by the publication, however, said that it is too early to expect a sharp cooling in the market, developers are already starting to introduce promotions and discounts on apartments to restore demand. If prices fall too much, there may be a risk of market stagnation: consumers will postpone purchasing homes in anticipation of a further reduction in prices, Olga Khasanova, CEO of developer Urban, told the newspaper.
At the end of September, the Interfax agency, citing the aggregator Yandex Real Estate, reported that compared to August of this year, the price per square meter in new buildings in cities with more than one million inhabitants fell on average by 0.2%. . , falling below 166 thousand rubles per square meter. The largest price drops were observed in Voronezh (-2.3%), Nizhny Novgorod (-1.9%) and Moscow (-1.5%).
According to the results of the third quarter of 2024, Sberbank analysts also recorded the beginning of a gradual decline in prices in the capital regions. According to their data, in the Moscow region and St. Petersburg the average cost per square meter fell by 2.3% and 2.6%, respectively. The bank noted that the reduction in housing prices is mainly due to the abolition of mass preferential mortgages and the tightening of conditions for the remaining state-supported housing loan programs.
Author:
Mikhail Zelenin
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.
