Ural Real Estate Chamber: Yekaterinburg housing prices drop 6.2%

23 October 2015 (09:19)

UrBC, Yekaterinburg, October 23, 2015. Yekaterinburg existing home prices dropped by 5.6% compared with the start of the year and by 6.2% compared with February, Ural Real Estate Chamber reports.

As of October 19, 2015, the average asking price of a square meter of an existing home in Yekaterinburg came to 71,957 RUR.

The market supply is still at its peak: potential customers can choose from 11,600 apartments and 1,900 rooms in communal apartments in the chamber’s database. The supply of two-bedroom apartments has gone by 22% since the start of the year, that of one-bedrooms ones by 37%, and that of studio apartments by 86%. The market is currently oversaturated due to low demand, so it takes up to five and a half months to make a sale.

Prices declined most in the centrally located housing segment (-2.6%, down to 97,112 RUR per m2). Homes in the city’s second most expensive area grew 0.5% cheaper (down to 76,455 RUR per m2), and those in the third and fourth most expensive areas grew 0.7% cheaper (down to 66,260 RUR per m2 and down to 61,927 RUR per m2, respectively). Housing prices in the city’s remotest and least expensive areas went down by 1.9%, to 52,920 RUR per m2.

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