There is a decline in interest in luxury real estate in Sochi. writes about this “Kommersant”.
According to the publication, the number of transactions with luxury new buildings during the year may decrease by almost one and a half times. Buyers doubt their choice due to general overheating in this market segment and prices that have more than tripled in the last year. As a result, no more than 40 transactions can be completed in the primary luxury real estate market in Sochi, which is 45% less than in the same period last year.
“Now properties are either sold at completely unimaginable prices or do not meet the standards of luxury real estate,” explained Viktor Sadygov, owner of the Nika Estate company.
It is stated that local developers do not try to bring new projects to the market with a wait-and-see approach.
Previously, Ekaterina Nikitina, head of real estate agency “Pro Exchange” and vice president of the Moscow Association of Realtors saidDue to the increase in mortgage down payments, Russians will have to postpone the purchase of housing.
Formerly Central Bank perceived Imbalances in the Russian housing market.