At the end of September, the average price per square meter in new buildings in Russian cities with a population of over one million fell to just under 166 thousand rubles, 0.2% lower than last month. These statistics were provided by Yandex Real Estate commercial director Evgeny Belokurov at the request of socialbites.ca.
For comparison, in more than a million cities in Russia in August compared to July, prices for new buildings increased by an average of 0.4%, and in July compared to June they increased by 0.5%.
“The primary real estate market in cities with a population of over one million continues to stagnate (a recession is a recession – Ed.). The trend is likely to continue, and in the long run we will face exactly this trend, and this trend will continue until the conditions of mortgage loans change. Today we see that developers continue to offer buyers special conditions for purchasing new buildings,” said Belokurov.
Among them, the expert noted discounts on a private pool of apartments, as well as the opportunity to purchase real estate with additional options such as renovation, furniture and household appliances, which are included in the mortgage payment and thus allow you to save money. furnishing the apartment in the future. Belokurov explained that developers also put previously “held” lots up for sale at a lower cost. All these measures aimed at retaining first-time buyers have led to a decrease in the cost per square meter of different types of apartments, the expert said.
The research was conducted in October.
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