The average cost of an apartment on the secondary real estate market in Moscow increased by 15% over the month, from 13.1 to 15 million rubles, according to a study by Avito Nedvizhimost, which Izvestia read on August 10.
The experts explained that this was due to a change in the supply structure in favor of large-format apartments and a reduction in the share of studios (their number decreased by 27.4% in a month).
Cost growth was also observed in Chelyabinsk (+4%), Perm, Barnaul, Sochi, Tomsk, Nizhny Novgorod, Simferopol, Samara (+2% in each city).
At the same time, on average in Russia, prices in the secondary housing market in July 2023 did not change, but the demand for apartments increased by 12% over the month, and the supply decreased by 2%.
“The number of available offers of secondary real estate decreased over the month under the pressure of strong demand. <...> Over the year, the growth in supply amounted to 4%, which is also significantly lower than the dynamics of demand – compared to July 2022, interest in objects increased by 27%. In such a situation, an annual price increase of 11% per apartment and 8% per square meter looks justified and logical. However, apartments with favorable prices continue to remain on the market, ”said Sergey Khakhulin, head of secondary and suburban real estate at Avito Nedvizhimost.
In early July, real estate market participants told Izvestia that the average cost of square meters of new buildings in Russia fell for the first time since the summer of 2022. Sales Director of the federal company “Etazhi” Sergei Zaitsev said that the average price per square meter in new homes fell by 0.5%.
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