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Demand on the secondary housing market in Sevastopol decreased by 30% over the year

Demand on the secondary housing market in Sevastopol decreased by 30% over the year

CrimeaPRESS reports:

According to the results of the first quarter of 2024, the least interest in purchasing housing on the secondary market decreased in St. Petersburg, and Krasnodar became the only city in the study where the supply of housing in the old stock increased over the year.

Analysts at Avito Real Estate studied how the indicators of the secondary housing market in Russia changed in the first quarter of 2024. Compared to the same period last year, the demand for housing in the old stock decreased by a third, supply decreased by 13%, and the cost of housing increased by 16%. The least expensive increases were for studios (+4%) and properties with four rooms or more (+9%). The price increased the most in the segment of 1- and 2-room apartments (+15%). Information on other segments is presented in Table 1.

Demand in the secondary market compared to the first quarter of 2023 decreased in all cities participating in the Avito Real Estate study. The smallest reduction in interest in purchasing housing in the old stock was recorded in St. Petersburg (-12%), Stavropol (-21%) and Yekaterinburg (-22%). In Moscow, demand decreased by 45%. More details in Table 2.

Supply fell over the year in 32 of the 33 cities in the study. The exception is Krasnodar, where the number of apartments available for purchase in the old stock increased by 12% compared to the first quarter of 2023. This is probably due to the construction boom in the city, which has been observed for several years, so the increase in supply was provided by former new buildings. Supply decreased slightly in Novosibirsk and Rostov-on-Don (-2% in both), St. Petersburg and Sevastopol (-4% in each). Information on other cities is presented in Table 2.

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Prices on the secondary housing market increased over the year in all cities of the study. The smallest growth was recorded in St. Petersburg (+5%), Krasnodar, Izhevsk and Novosibirsk (+8% each), as well as in Tula (+9%). According to the results of the first quarter of 2024, the most expensive housing in the old stock is in Moscow (18 million rubles), Sochi (11.5 million rubles) and St. Petersburg (9.2 million rubles). The most affordable prices are in Izhevsk (3.6 million rubles) and Ulyanovsk (3.9 million rubles). Information on other cities is presented in the graph and table 2.

On the secondary housing market in Russia, supply and demand continue to decline, while prices continue to rise. A situation is emerging where, for some, real estate is a stable asset that adds value, so apartment owners want to “hold on to” them, while other potential buyers pay attention to new buildings, where there are preferential mortgage programs with more convenient conditions than on the secondary market.,” comments Sergey Eremkin, head of secondary and suburban real estate at Avito Real Estate.

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