housing costs will not decrease in 2024 – Kommersant
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Developers will not reduce prices for residential real estate in new buildings or give any significant discounts in 2024. This forecast was shared by the General Director of Ricci Residential Real Estate Ekaterina Lomteva at the conference “Development of a new wave”, organized by the Kommersant Publishing House. At the same time, according to her, a strong decline in demand should not be expected either. Despite high mortgage rates, the demand for business and premium real estate currently remains at a high level; a slight decrease in buyer interest is observed only in the comfort class segment.
“In 2023, less housing was introduced in the comfort class segment than in 2022, so we cannot expect a fall in prices. In business and premium classes, approximately the same volume was introduced as a year earlier, but here purchasing power is more confident. I wouldn’t expect that developers will greatly reduce prices,” said Ms. Lomteva
Mikhail Goldberg, head of the analytical center DOM.RF, shared a similar forecast. According to him, there will be no major changes in price on the primary market. As for the secondary market, a price reduction of 5-10% maximum in some regions is possible.
According to DOM.RF, the cost of 1 sq. m of residential real estate in new buildings in the Russian Federation in the declarations declared by developers is almost 163 thousand rubles per 1 sq. m. In January 2023, the average price per square meter in a new building in declarations was 146.3 thousand rubles.
At the beginning of January, the Best-Novostroy company reported that the average cost of an apartment in a new building in Moscow for the first time exceeded 30 million rubles. Increase in the average price of 1 sq. m of housing under construction in the capital for the year amounted to 22%, in monetary terms this figure reached 513.3 thousand rubles. At the same time, the weighted average price of 1 sq. m in new comfort class buildings in Moscow in December amounted to 335.8 thousand rubles, in business class – 477 thousand rubles, in new premium class buildings – 914.9 thousand rubles, in elite ones – 2.341 million rubles.
Read about the situation with prices on the market in the Kommersant publication. “There are not enough buyers for apartments”.
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