Over the past month, the average cost of new buildings in Russia’s largest regional markets increased by 1.6-1.9%. This was reported by “Kommersant”.
As experts note, price growth is slowing down due to decreased demand and increased supply volumes. According to CIAN, the average price per square meter in new buildings in the 18 largest regional markets at the beginning of December amounted to 162.6 thousand rubles. This is 1.6% more than a month ago. The growth rate has slowed; Prices of new buildings increased by an average of 2.4% compared to the previous month.
During the month in Moscow, the price of a “square” in new buildings increased by 1.5% to 347.8 thousand rubles, in St. In St. Petersburg, it increased by 0.2% to 255.6 thousand rubles. Some other cities are experiencing more active growth.
At the same time, the supply volume in the market is increasing by 2% per month, according to CIAN. At the same time, buyer activity decreased by 7.3%. Experts predict that demand will decrease further due to the tightening of conditions for concessional mortgage loans.
This will force developers to refuse to increase prices and more actively provide discounts. Etazhi sales director Sergei Zaitsev expects a further slowdown in new building sales at the beginning of 2024, which will be caused by pre-holiday rush.
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Developers before reportedIt is stated that the crisis in the housing market will continue in the coming years.