Avito Real Estate: demand for new buildings decreased by 30.4% over the year
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From February 2022 to February 2023, the demand for primary real estate in Russia decreased by 30.4%. At the same time, prices for new buildings over this period increased by 5.8%, and the volume of supply – by 73.9%, the press service of Avito Real Estate told Kommersant.
In February of this year, relative to February of the previous year, the demand for primary real estate decreased most of all in the Moscow region (50%), Krasnodar (45.4%) and Rostov-on-Don (44%), follows from the analysis of the company. At the same time, during the year, the demand for new buildings grew only in St. Petersburg (16%), Yekaterinburg (12.8%) and Omsk (8.7%).
According to the study, in February, compared to January, the volume of supply in the market of new buildings increased by 8.4%, while demand over this period decreased by 6.1%. The cost of apartments in the primary fund for the month increased by 1.4%.
Most of all, prices for the “primary” for the year increased in Omsk (63.9%). In Moscow during this period, new buildings became more expensive by 3.2%, in St. Petersburg – by 9.1%. Over the month in the capital, the price in the primary fund decreased by 0.2% in St. Petersburg – by 0.8%.
Formerly Avito Real Estate published results of a study of the secondary housing market. According to the company’s estimates, demand in the Russian secondary real estate market increased by 1.5% compared to January, but decreased by 3.7% over the year.
The declining activity of buyers does not allow developers to raise the cost of new buildings: housing prices in major cities are stagnating. According to Cyan.Analytics, the average declared cost of new buildings in 18 largest regional markets of Russia (16 million-plus cities, Moscow and Leningrad regions) increased by 0.2% over the past month, to 139.9 thousand rubles. per sq. m.
More details – in the material “Prices lack demand”.
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