Ural Real Estate Chamber: Country Estate Market Is Shrinking

21 November 2012 (14:17)

November 21, 2012. According to the Ural Real Estate Chamber, the supply on the countryside real estate market decreased by 20% in the three quarters of 2012. Things look even bleaker in the townhouse sector, as the supply dropped by 30%. At the same time, the supply, the construction output, and prices on the existing homes market went back to their pre-recession figure of 48,000 RUR per sq m.

At the moment, about 80% of the country estate market is constituted by non-contracted land allotments; cottage settlements make up about 10%, whereas in 2008, the share of land allotments was only 10%. Experts estimate that this situation is not good for the consumer: a developer without contract sells allotments that underwent land-surveying procedures only, so the entire engineering infrastructure is the owner’s problem.

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