The cost of housing in the St. Petersburg market of primary and secondary real estate has behaved differently over the past year. Real estate expert Yuri Zagorovsky told how prices on the secondary market in St. Petersburg have changed over the year.
Buying for yourself: will apartments continue to get cheaper on the secondary market in Saint – Petersburg
It is stated that demand for ready-to-rent apartments in Saint – Petersburg decreased by 6.3% over the past year. At the same time, housing has dropped in price by almost 7%.
Housing on the secondary market in Saint - Petersburg has fallen in price by 6.8% since February 2022. By the pace of decline of this index the region of Saint – Petersburg is ahead of other regions of the Moscow Region and the Leningrad Region. Now, one-room apartment costs about 6.9 million rubles, whereas a year ago its price was 7.3 million rubles.
Besides, real estate agents sold 23% less dwellings that the year before. A decrease in the cost of housing by almost 7% brought Saint – Petersburg to the 1st place by the rate of decline among cities with a population of more than a million. In return, a demand for housing purchase has also decreased - it has decreased by about 6.3% over the year.
Yuri Zagorovsky. Vice-President of the Association of Realtors of St. Petersburg and Leningrad Region; Development Director of the Real Estate Agency "Nevsky Prostor"
Real estate expert Yuri Zagorovsky, in an interview with NEVSKY NEWS, said that prices on the secondary market in the city reached last year's level.
«Prices for new buildings have changed differently depending on the segment. Prices for apartments, for example, have increased. Low-income housing prices have increased a little too. Luxury and business class housing prices remained at the same level. There are no reasons for further price-growth - there is not much demand, there is no growth in people’s solvency. Сoncessional lending for certain categories of citizens can fuel demand for new buildings» - noted the expert Yuri Zagorovsky
Zagorovsky also mentions that prices for secondary housing may continue to decline, but not much. As the he also added, it depends on many factors.
«"There are almost no investment purchases in the residential segment, people buy mainly for themselves», concluded the real estate expert.
SOURCE: «NEVSKY NEWS»
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