The stagnation in the secondary residential real estate market in St. Petersburg, which has been observed during the first half of 2024, will soon be replaced by a decrease in value. Experts call the reasons for the high level of mortgage rates and falling demand, according to RBC.
According to “Cyanogen.Analysts” for the first half of 2024, the cost per square meter in apartments in the secondary market of St. Petersburg amounted to 217.8 thousand rubles. Since the beginning of the year, prices have increased by only 0.2% (by 7% compared to 2023). In the Leningrad region, the dynamics are similar — prices increased by 0.5% in six months, to 129.5 thousand rubles, and by 2% in a year.
Over the past 2-3 months, there has been a reversal of the trend towards a reduction in average prices in both capitals and the Leningrad region.
There are several reasons for the downward correction of prices. One of them is a reduction in demand, compared with the period January-May 2023, the number of transactions this year in St. Petersburg is 15% less, in Moscow — by 13%. According to the Office of the Federal Register for St. Petersburg in January to May 2024 (there are no department statistics for the half-year yet), 34.8 thousand contracts of sale and exchange for housing in the city were registered. Moreover, in May 2024, according to official statistics, there were 7507 transactions in this market segment, which is 28% less than in May 2023 (10450).
The second reason is the prohibitively high mortgage rates. According to Frank RG, from 2023 to 2024, average market mortgage rates increased from 11% to 18%. However, so far sellers have taken a wait-and-see position and are not ready to significantly reduce prices.
“In the first half of 2024, prices in the secondary market of the largest cities of the Russian Federation practically did not increase. The negative dynamics of recent months in the metropolitan regions makes it highly likely to talk about a gradual reversal of the trend from stagnation to a slight decrease in prices,” predicts the expert of Cian.Analysts” Elena Lapshina. She notes that after July 1, mortgages will become equally unavailable for both the secondary and primary markets.
Источник: www.bsn.ru
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