In the medium term, we can expect a gradual decrease in apartment prices in the primary market. Such an opinion in an interview with Lenta.ru expression Candidate of Economic Sciences, Associate Professor of Economic Policy and Economic Measurements, State University of Management Artem Savostitsky.
He drew attention to the already observed stagnation of prices in the new building market. Savostitsky explained this with the decline in demand for housing in the primary market and acknowledged that the activity of buyers will not increase in the near future.
“… in the medium term, the market can expect some price reduction,” said the expert.
According to him, there is also a significant gap in the prices of new buildings and housing in the secondary market, in some places it reaches 40% in favor of finished real estate. Savostitsky described this as a huge problem for the new housing market, adding that even with a 10% mortgage rate it is more profitable to buy housing on the secondary market. This also affects the price level, so we should expect a decrease in the cost of apartments in new buildings and growth in the secondary market.
With data real estate company “Etazhi”, the cost of primary real estate increased by 117.5 thousand rubles. Only 119.7 thousand rubles per square meter in 2022. Like this. The company’s specialists also noted a decrease in Russia’s demand for new buildings and an increase in buyers’ interest in ready-made apartments and cottages.