Prices for apartments in Moscow have decreased by almost 6 percent over the past six months

As a result of October, prices for apartments in Moscow decreased by an average of 0.8% compared to the previous month. The decline in prices continues against the backdrop of an unprecedented increase in supply in the secondary housing market.

The number of proposals on the secondary real estate market in Moscow in October increased by about 20%, and in general for three months the growth was more than 60%. This was reported by experts of the analytical center “Indicators of the real estate market” irn.ru. Such a growth in the volume of offers in the capital’s real estate market has never been, perhaps. This factor, along with the stagnation of demand, continues to influence the decline in prices for apartments both in the capital and in the Moscow region, where a similar situation is observed with the volume of offers. Even preferential mortgage programs do not have a significant impact on the market, since its participants mainly purchase apartments in new buildings.

According to experts, in October the average housing cost index in “old” Moscow within the Moscow Ring Road decreased by 0.8% and amounted to 255,700 rubles per square meter. In general, since May, housing in the capital has fallen in price by 5.9%. At the same time, traditionally, the largest decline is observed in the segment of low-cost housing. Thus, apartments in panel and brick five-story buildings lost 1.3-1.7% of their value in a month.

Now, for example, in the cheapest district of “old” Moscow – South-Eastern – 1-room apartments in panel houses within the Moscow Ring Road are offered at a price of 7 million rubles, and 2-room apartments are sold for 8.5 million rubles and more.

Housing in modern panel and monolith-brick houses fell in price by only 0.2-0.6% over the month. However, experts do not exclude that expensive housing will soon begin to become cheaper at a higher rate. At the same time, prices for apartments in the Central District of Moscow, which are on average almost twice as high as in other districts of the city, have already decreased by 1.1% in September.

Prices for apartments in Moscow within the Moscow Ring Road (in rubles per sq/m)

Housing prices in the Moscow region outside the Moscow Ring Road after the September slowdown also crept down. At the same time, the areas within the boundaries of the “old” Moscow and in the Troitsky administrative district showed the greatest decrease. On average, housing here has fallen in price by 1%, and the housing cost index averaged 204,821 and 186,894 rubles per square meter, respectively. In the Novomoskovsky District, the decrease for the month was 0.7%, and the housing cost index fell to 201,561 rubles per square meter.

The fastest, according to irn.ru, are depreciating “odnushki” and “treshki”. According to experts, this is natural, since such apartments were mainly bought for the purpose of investment and were greatly overvalued from the very beginning.

But housing prices in the far suburbs have so far remained stable and are now at the September level.

Prices for apartments in the Moscow region outside the Moscow Ring Road (in rubles per sq/m)

Recall that price indices in irn.ru are calculated without taking into account the cost of elite housing, so as not to distort the picture as a whole. In addition, the indices are calculated taking into account the prices of real sales, which can now be significantly lower than those declared on real estate websites. According to experts, the discount in real transactions can reach 20%.

Alena Bodrienko.

Photo by Sergey Kiselyov / Moskva agency