Ural Chamber of Real Estate: Yekaterinburg housing prices might drop 2%-3% by end of year

August 25, 2014. The median price of a square meter of housing in Yekaterinburg might go down by 2% to 3% by the end of 2014, analyst from Ural Chamber of Real Estate Mikhail Khorkov announced at a press conference.

According to Khorkov, this forecast stems from a considerable increase in the market supply as well as from the noticeable drop in demand.

‘Last year was a rather favorable one, yet it became clear by the start of 2014 that the market is in for a certain change. The market needed a temporary halt to ‘catch its breath’. However, this never happened. Negative external trends were the main reason for this. Due to the recent events in Ukraine, the market was flooded with customers wishing to sell or buy as quickly as possible, as they were afraid the purchasing potential will get much worse in the nearest future. However, this factor turned out to be short-lived. It no longer has a lasting impact on the market,’ Mikhail Khorkov said.

It should be added that, according to Real Chamber of Real Estate’s data as of August 20, the median price of a square meter of housing on Yekaterinburg existing homes market now comes to 75,921 RUR.

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