In Russia, the sale price of finished housing decreased by 6.9%

In Russia, the sale price of ready-made housing decreased by 6.9%. The average cost of selling second homes in Russia decreased by almost 7% in six months from 4.58 to 4.29 million rubles, the federal company "Floors" said.

"Over the past 5 years of observations, this is the most significant decrease in the average selling price of secondary housing in Russia, before that it grew following the supply price, and the correction was short—lived and did not exceed 2-3%," explained Alexander Ivanov, a leading analyst at the federal company Floors.

At the same time, as the expert notes, the average offer price on the secondary market, for which owners put up their properties for sale, increased slightly by 1.1% over the same period.

"High mortgage rates on programs for the purchase of ready—made housing force potential buyers to look for more budget housing options, and the decreased demand and increased maturity on the secondary market make sellers more loyal to the discount, as a result, the real sale price decreases," Ivanov continues.

Among Russian megacities, the largest decrease in the real sale price of second homes over the past six months has been recorded in Rostov-on-Don (-15%), Krasnodar (-12%), Perm (-11%), Krasnoyarsk (-7.5%).

In Moscow and Kazan, the average selling price remained at the same level over the same period.

"The situation with prices for ready-made housing is now developing contrary to the laws of the market: demand has decreased, and the supply price, albeit slowly, continues to grow. The owners are still trying to sell their apartments with maximum profitability, however, in reality they are buying those objects for which the price has decreased or there is an opportunity for bargaining," explained Ivanov.

The expert also predicted that in the current conditions, the real average selling price will continue to decline, as there are very few buyers willing to apply for a mortgage at market rates, which means they will purchase more affordable housing. In the future, it may decrease by another 3-4% in 2-3 months.

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Earlier, on May 17, Nikolay Kandikudryakov, president of the International Union of Forensic Experts, said that investment real estate can provide a stable income. According to him, when choosing an apartment for subsequent rental, it is necessary to focus on regions with a high tourist flow or active labor migration.