Prices for new buildings in Russia will fall in the next two to three years. Ildar Khusainov, CEO of real estate company Etazhi, stated this on the Movement forum. transmits RIA News.
“Right now, prices are already stagnant. So, by 2022, the average housing prices in Russia have not changed much: the cost of primary real estate has increased from 117.5 thousand rubles per square meter to only 119.7 thousand rubles.
According to him, housing prices in Russia are quite high, so the system is gradually approaching the peak of price growth. That’s why developers need to at least start to consider in their strategy that house prices may fall.
He added that now the transaction structure in the real estate market has begun to move towards secondary and suburban housing. In addition, Russian interest in new buildings began to wane. For example, the share of transactions with new housing in March last year was 30.2%. And already in May 2023, this figure fell to 23.2%.
May 29, specialists of the analytical center “Indicators of the real estate market” (IRN) reportedThat the new building market in Russia has actually turned into a “drug addict”, which requires a constant increase in the dose of “subsidies”. Government support of the market through mortgage subsidies “inflates the price bubble”, makes housing more and more inaccessible to citizens, and it is better to abandon such a practice.
Source: Gazeta
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