Price growth for new buildings in Russia is slowing down amid declining demand

Tatyana Aksyutina

The growth in prices for new buildings in Russia is slowing down against the backdrop of a decrease in buyer activity, which may lead to an accumulation of supply and containment of the cost per square meter.

According to analysts, in October, the average price on the primary market in large cities increased by 2.4% after 3.6% a month earlier. This is because the more affordable lots were sold out first. In addition, developers factor inflation risks into the price.

However, demand has declined after the August rush due to tightening mortgage conditions. Developers are actively bringing new projects to the market, fearing a further drop in demand. Experts predict that current supply levels will remain the same in the coming months, followed by an increase of 10-15%. This will force developers to take a more restrained approach to pricing. By the end of the year, they can stimulate demand through discounts and promotions.

Earlier, Bashinform News Agency reported that the average period for selling housing on the secondary market in our republic is 56 days.

Author: Sergey Nikolaev

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