Resale real estate in Moscow has risen in price by 2.5% over the year. This was reported to Realty Times by experts from the Moscow Real Estate Investment Agency. However, the central regions are out of the picture.
Over the year – from February 2022 to February 2023 – the average cost per square meter in the secondary real estate market in 9 districts of Moscow increased by 2.52%. In absolute terms, the growth amounted to 8.8 thousand rubles. Today, the average price per square meter is 356.8 thousand rubles.
The most significant increase in prices in the secondary market over the past year was noted in the Central Administrative District. Here, the average cost per square meter increased by 14.38% or 91.1 thousand rubles. Now the average “square” in the center of the capital is estimated at 724.4 thousand rubles.
The second district of Moscow in terms of price growth was the Western Administrative District, where the price per square since February last year increased by 3.48% or 12.9 thousand rubles. Now the average price per square meter in the JSC of the capital is 383.6 thousand rubles.
A decrease in prices in the secondary market was recorded during the year in four of the nine districts studied. The most significant decrease was noted in the Eastern Administrative District, where the average price per square decreased by 4.26% or 11.8 thousand rubles. Now you can buy a meter in the secondary market in the east of Moscow for 264.9 thousand rubles.
A similar decline was noted in the SWAD, where the secondary housing became cheaper by 4.03% over the year. In absolute terms, the decrease amounted to 13.1 thousand rubles. At the moment, the average price in the south-west is 312.2 thousand rubles.
– The rise in prices in the city center is due to the fact that there is a shortage of places for new construction. At the same time, investors and developers who purchased plots there and built them up are not inclined to give discounts, taking into account the privileged position of the object. Also, private owners of apartments in the center, who are ready to wait, but not to decrease in price. In addition, I would add that objects with discounts are not sold through the open market, – said Valery Letenkov, General Director of the Moscow Real Estate Investment Agency.
According to the expert, the price reduction in some locations occurred for the most low-liquid properties.
– In general, we expect prices to stabilize in the secondary market. This is already happening. The time for big discounts in the housing market is over. Attempts to bargain are now, but they do not find an answer. Thus, by the summer we expect a certain increase in prices, taking into account inflation, – the investor summed up.
As a reminder, we previously reported that a recovery in activity was recorded in the secondary market of Moscow – Garnet
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