Secondary housing has risen in price in large cities of Russia

CIAN: the average cost of an apartment in the secondary market has grown by 22.3% up 22.3 percent in November compared to the same period in 2020. This is evidenced by the data of CIAN, TASS reports.

The average offered price for a secondary apartment is 5.37 million rubles. Over the month, housing has risen in price by 2.3 percent (plus 120 thousand rubles), and since November 2020 – by 22.3 percent (plus 980 thousand rubles). The cost per square meter on average increased by 26.2 percent per year – up to 95.4 thousand rubles. CIAN analysts have studied the secondary real estate market in 37 cities with a population of 500 thousand people, as well as in the Moscow and Leningrad regions and Sochi.

Apartments have risen most of all in the Leningrad region (by 38.8 percent) and the Moscow region ( 34 percent). In cities with a population of one million, prices increased by 27.6 percent. According to analysts, the cost of secondary real estate is growing following the increasing prices for new buildings. At the same time, the supply is declining – over the year it fell by 29.5 percent in large cities. The demand for secondary housing, however, is growing – it increased by five percent over the month.

Earlier in November, a member of the Moscow headquarters of the All-Russian Popular Front (ONF) Sergei Demin said that by the second half of 2022, prices for housing will grow again. According to him, in January-March, the market may not expect serious fluctuations, so this period is well suited for buying apartments or investing funds. The rise in prices in the second half of the year will be due, among other things, to the termination of the program of preferential mortgages and the growth of mortgage rates.



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