Prices on the Secondary Housing Market in Russia Rose for the First Time in Four Years
OREANDA-NEWS At the end of last year, the average price of apartments in the secondary market increased by 4.9%, according to Rosstat. Price growth in this segment was recorded for the first time in four years: since January 2015, the cost of finished apartments decreased from quarter to quarter. The average price of secondary housing, according to the service, at the end of the year amounted to 54.9 thousand RUB for 1 sq. m.
Similar data showed a study of the secondary market "Avito Real estate". The average cost of a meter in the secondary market increased by 5% and amounted to 50.4 thousand rubles." in Moscow, the cost per square meter at the end of the year overcame the psychological mark of 200 thousand rubles., in St. Petersburg exceeded 120 thousand rubles.", — noted in the study.
According to "Avito Real Estate" at the end of 2018, the most increased in the price of two-bedroom apartments-6.5%, three-bedroom rose by 5.8%, the cost of one-bedroom increased by 5%. According to the study, secondary housing in the Leningrad region (+21.6%), St. Petersburg (+11.3%) and Tatarstan (+11%) rose in price most of the year among the 24 largest Russian regions (they accounted for 73% of multi-apartment housing built in Russia in 2018, as well as more than 60% of ads for the sale of apartments on Avito). In Moscow, the price of the meter increased by 7.2% to 204 thousand. in the Moscow region, the growth was 4.2%, to 82 thousand rubles.price Reduction was recorded in Tyumen (3.3%, to 48.7 thousand rubles.) and Chelyabinsk regions (0.8%, to 28.6 thousand rubles.).
Prices increased throughout the year, but the sharpest jump occurred in November, after raising mortgage rates.
"The rise in prices, which we observe in early 2019, is a consequence of fears about the further rise in the cost of mortgages. The market situation in the current year will be primarily determined by the conditions of banks for housing lending, - said the managing Director of "Avito Real Estate" Ivan Dubrovin. According to him, the tightening of loan conditions or high interest rates on mortgages will stop the rise in prices. "While maintaining comfortable mortgage conditions, secondary housing will continue to rise in price," adds Dubovin.