The annual growth rate of ready housing costs in Russia has decreased

According to the results of 2024, the average cost of 1 sq. m. in the secondary market in cities with a million inhabitants increased by 6.1% and reached the mark of 135 thousand rubles. At the same time, the annual growth rate compared to 2023 decreased by 5.7 percentage points, told "Izvestia" in the press service of "Yandex Real Estate", where they conducted a study of the secondary market.

"In the previous period (December 2023 to December 2022), the annual increase in value was 11.8%. The reduction in the rate of annual growth in 2024 is due, among other things, to the greater willingness of owners to reduce the price in the announcement of the sale in order to realize the object faster in the current mortgage conditions", - the analysts explain.

They point out that the most noticeable increase in the median price of sq. m. in the secondary market during the year was recorded in Kazan (+14.8%, up to 172 thousand rubles per sq. m.) and Nizhny Novgorod (+10.9%, up to 135 thousand rubles). In other megacities the annual dynamics of the cost per meter of ready housing was in the range from 1.1 to 9.9%.

At the same time in December of this year compared to the last month on average in the Russian cities with millions of inhabitants, the cost of 1 sq. m. of secondary real estate continued to stagnate and added only 0.2%. In comparison with 2023 monthly growth rates also decreased. In December last year relative to November, the increase in the median price of "square meter" averaged 1.4%.

"Supply in the secondary market is decreasing in most cities with a million people. In December, the cost of "secondary" in the largest cities of Russia is stagnating. We noted that changes in the dynamics by the end of the year have become minimal in recent months. Moreover, the stagnation in the market of ready housing, which has been going on since the beginning of summer, has also affected the annual price dynamics in megacities", - explained "Izvestia" commercial director of "Yandex Nedvizhimosti" Evgeny Belokurov.

According to him, the average growth in the cost of a meter by 6.1% was lower than the inflationary dynamics this year.

"Also by the end of the fall, we recorded the lengthening of the exposition period of "secondary" and an increase in average discounts from sellers. Together, these factors indicate a temporary decline in the interest of Russians in the secondary housing market. This is due to the increase in the level of the key rate, which began last year. Thus, at the beginning of 2023, its level was 7.5% and reached 16% by December last year. The average annual level of the key rate in 2024 was higher than last year's figures, which affected the interest of Russians in buying housing in the secondary market. Also, stagnation in the secondary market is associated with the transition of some sellers and potential buyers in the segment of long-term rent", - said the representative of the business.

Earlier, December 4, it was reported that more than half of the surveyed (79%) of Russians save on deposits to buy real estate. This is stated in the results of the study of the company Regions Development. The purchase of cars interested 38% of respondents. 29% of survey participants plan to allocate funds for housing repair.