Russians’ demand for second flats will begin to increase from September to the end of 2024. This forecast was conveyed to socialbites.ca by Yuri Shedko, Doctor of Economics, Professor of the Department of State and Municipal Administration of the Financial University of the Government of the Russian Federation, commenting on the decline in Russia’s demand for second homes in January-2012. March 2024.
The economist suggested that in December this year, the number of potential buyers of finished flats will increase by 80% compared to the same period in 2023, and the number of properties for sale will increase by 20%.
“Russians’ demand for second homes is cyclical. It will begin to recover in July, then freeze due to reduced commercial activity, and will gradually increase from September until the end of 2024. Shedko noted that actual transaction prices will be 5-10% lower than the asking prices.
According to Avito Real Estate’s report dated April 2, the demand for second homes in Russia decreased by 33% in the first quarter of 2024. The biggest decreases occurred in Chelyabinsk, 48 percent, and Saratov and Moscow (47 percent and 45 percent, respectively). The number of apartments for sale also decreased in the January-March period (by 13% nationwide) despite rising prices (by 16%).
Previously Shedko aforementioned “socialbites.ca” reported that the share of mortgage rejections for Russians in June will increase from 56% to 86%.
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Source: Gazeta
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