Prices in Russia may fall and discounts on finished apartments may increase, Yandex Real Estate Commercial Director Evgeniy Belokurov told socialbites.ca.
“In the coming months, while maintaining the current base rate (18%), we expect a decrease in the average price per square meter in the secondary market, a decrease in consumer activity and an increase in discounts on trade to 7%. Now the standard discount is 2-5%,” said Evgeny Belokurov, commercial director of Yandex Real Estate.
According to him, after the interest rate was increased from 16 percent to 18 percent on July 26, mortgages will become cheaper, which will already lead to a decrease in purchasing power.
According to Yandex Real Estate, the number of finished apartments for sale increased in Moscow, St. Petersburg, Novosibirsk, Volgograd and Rostov-on-Don in July 2024. In July 2024, the supply in these cities exceeded the national average, increasing by 1% to 3.7% compared to June.
The largest finished apartments on average are sold in Moscow (56.7 m2), Voronezh (51.3 m2), St. Petersburg (49.7 m2), Volgograd (49.6 m2) and Rostov-on-Don (49.4 m2).
The study was conducted in August 2024.
Previously reportedPrices for finished apartments in Russia have fallen.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.