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Thursday, October 27, 2016

Housing for the year fell by 17%

Secondary market of Moscow and Moscow region covered another “cold” front: in September, prices for finished apartments fell in price again.

photo: Natalia Muslinkina

At the end of September 2016, the average budget of buying an apartment in the secondary market fell to 8.5 million rubles, according to “MIEL-real estate office Network”. This is 11% less than in August, and 17% less than last September.

The decrease in the average check associated with an increase in the proportion of one-bedroom apartments in the structure of transactions, experts say. Another reason was a decrease in the amount buyers are willing to spend on the purchase of an apartment. “Changed the strategy of the customers, — said managing partner of a real estate company Marina Tolstik. — They are willing to look longer your option and do not intend to take additional credit load (buyers, not time-bound). If the buyer limited timeframe, it in normal mode makes a trade, that is, selects the object with the maximum ratio of price and quality”.

The situation in the Moscow region’s secondary market is even worse due to a significant excess of supply over demand on the market. The President of the Kyrgyz Republic “Megapolis-Service” Serhiy Vlasenko expects in the region accelerate the reduction of real estate prices in October. “This will contribute to how the appearance on the market of new objects, the output of which was postponed in the summer, the continued reluctance of sellers and buyers to meet each other in matters of discount and macroeconomic negative forecasts on oil prices and national currency rate”, — concluded the expert.


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