Prices in the primary housing market continue to grow at a rate roughly consistent with inflation, the company said
By the end of April 2024, the cost of housing in new buildings in Russia increased by 16% compared to the same period last year. At the same time, since the beginning of the year, prices have increased by 2.9%. This was reported in the received edition of the study “Price index in the primary housing market” by analysts of the state-owned company Dom.RF.
“The price index in April showed that prices for new buildings continue to grow at a rate roughly corresponding to inflation. We see that, even despite the reduction in the limits on the amount of concessional loans in the capital regions, the primary housing market is provided with a sufficient level of sales: 123 thousand registered in the first quarter of 2024. DDU for residential premises (including 43 thousand. In the capital regions), which corresponds to the indicators of the same period last year,” said the head of the analytical center “Dom.Russian Federation” Mikhail Goldberg.
Dynamics of price growth in the primary housing market in Russia
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The assessment was carried out on the basis of Rosreestr data on contracts for participation in shared—equity construction (hereinafter referred to as DDU), the data is uploaded on a daily basis. The price index in the new building market covers 69 regions of Russia. The study presents the calculation of the weighted average change in median prices individually for each house in two housing classes (standard/comfort and business/elite) and three types of apartments (one-room, two-room, three-room and more). In regions where there is not enough primary housing in the designated classes, the index is calculated without taking into account the comfort of housing and room occupancy. The index also displays inflation, which allows you to determine the real price growth.
In Moscow, the cost of new buildings in April increased by 21.1% compared to the same period last year, an increase of 2.7% in four months. In the Moscow region, primary housing has risen in price by 18.3% over the year, and by 3.7% since the beginning of the year. In St. Petersburg, prices grew at a slower pace (+12.5% by April 2023 and +3.8 since December). In the Leningrad region, the annual growth in prices of primary housing amounted to 12.2%, over the year the indicator increased by 3.8%, the study says.
“The house.The Russian Federation” previously gave a forecast for housing prices in Russia until 2026. Prices for new buildings will stabilize in 2024, and in 2025-2026 their growth is not expected to overtake inflation, expected at 4%. In the secondary housing market, prices may decrease in 2024, and in 2025-2026 they will rise at the level of inflation.
See also:
- Analysts announced a decrease in the share of mortgages for new buildings in Moscow
- How housing affordability has fallen in Russia and what will happen next
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