Ural Real Estate Chamber: Communal Apartments Grow 0.9% Cheaper in Yekaterinburg

UrBC, Yekaterinburg, June 22, 2017. The average asking price currently comes to 66,334 RUR per m2 on Yekaterinburg existing home market, down 0.4% on four weeks earlier and 13.5% on February 2015, Ural Real Estate Chamber’s analytical report states.

Prices went down most noticeably in the city’s fourth most expensive districts (-0.8%), with the average asking price at 55,478 RUR per m2. Centrally located apartments only grew 0.1% less expensive (down to 93,713 RUR per m2), while homes in the city’s second and third costliest locations remained the same and only dropped by 0.2%, respectively. Interestingly enough, apartments and houses on the outskirts of the city are now 1.1% more expensive than four weeks earlier (48,373 RUR per m2).

In terms of apartment size, two-bedroom homes lost most noticeably in their value (-0.3%, down to 65,468 RUR per m2), followed by one-bedroom ones (-0.2%, down to 64,802 RUR per m2) and studio apartments (-0.1%, down to 71,060 RUR per m2). Apartments with three or more bedrooms are now 0.1% more expensive (68,016 RUR per m2).

The customer’s buying behavior hasn’t changed much lately, so the current decline in asking prices mostly has to do with the excessive market supply, which leads sellers to reduce their prices during both market exposure and actual sales negotiations.

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