Cost of secondary housing stagnates at the beginning of the year amid supply reduction

In January 2025, the growth of the median cost of a square meter in the secondary market in the cities with a million inhabitants amounted to 0.5%, its average cost amounted to Br138 thousand. The price fluctuation in all cities was in the range from -0.9% to +1.2%, analysts of the service "Yandex Real Estate" reported to "Izvestia".

Novosibirsk (+1.2%, up to Br120 thousand), Kazan (+1.1%, up to Br180 thousand), Moscow (+1.1%, up to Br351 thousand) took the second place in terms of growth in the cost of a square meter of secondary real estate for a month among million-strong cities.

In 11 out of 16 megacities, the price change amounted to 0.1% to 0.9% for the month. Decrease was recorded in Krasnodar (-0.9%, to 119 thousand rubles) and Omsk (-0.3%, to 105 thousand rubles).

"The secondary housing market is in a seasonal state of reduced activity. In the very near term, demand in the secondary market will return to the indicators of the fall of 2024. The volume of available offers will also recover in early February due to the return of sellers after the holidays. In the longer term, we will likely see supply and demand stagnate. With market mortgage rates remaining at a high level and average prices for ready apartments stagnating, their exposure period is growing. Therefore, sellers either have to offer discounts or move to the long-term rental market. Another tactic is to expect an increase in demand from buyers. All these factors indicate that a significant increase in supply will not come before the beginning of the cycle of easing monetary policy of the Central Bank of the Russian Federation", - explained "Izvestia" commercial director of "Yandex Nedvizhimosti" Evgeny Belokurov.

The volume of supply in January decreased in all million-strong cities by an average of 6.1%. The most significant reduction of the base is recorded in Perm, Chelyabinsk, Nizhny Novgorod and Kazan. The reduction in supply in the cities is due to seasonal factors and reduced demand in the secondary housing market during the holiday period.

The cities with the most expensive square meters on the secondary market remain Moscow (+1.1% for the month, up to 351 thousand rubles/sq. m), St. Petersburg (+0.9%, up to 210 thousand rubles/sq. m), Kazan (+1.1%, up to 180 thousand rubles/sq. m), Nizhny Novgorod (+0.5%, up to 137 thousand rubles/sq. m) and Krasnoyarsk (+0.4%, up to 131 thousand rubles/sq. m). "Squares" less than Br100 thousand in the secondary real estate market are sold in Chelyabinsk and Volgograd.

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Earlier, February 9, it was reported that in most major cities of Russia, the average cost per square meter of secondary housing has stopped growing. According to the leading analyst of the federal company "Etazhi" Alexander Ivanov, in the country as a whole, the average price per square meter of secondary housing increased last month by only 0.4%.