New apartment prices in Ufa dropped by 3.7% in June

Price per square meter fell by 1.5%

By the end of June, two-thirds of large Russian cities (with a population over 300,000) showed a positive trend in the new housing market. Ufa was among the third where prices declined, according to data from the Mir Kvartir platform.

As of early July, the average price per square meter of new and under-construction housing in Ufa was about 171,130 rubles (down from 173,800 rubles a month earlier). The average cost of a new apartment dropped by 3.7% over the month, to 7.37 million rubles (compared to 7.66 million in June).

The recent cut of the key interest rate to 18% has slightly revived the market. "Now that the Central Bank rate is, though slowly, decreasing, developers have hope for an end to the prolonged stagnation. As for real estate prices, if they didn't collapse during such a tough period for the market, it's unlikely they'll decline in the foreseeable future," experts from the platform commented.

Earlier, Yandex Real Estate reported that sales of new apartments in Ufa grew by 14% between April and July. At the same time, sellers offered an average discount of 7%.

Author: Elina Akhmetova