‘Existing home prices might go up 25% to 35% this year,’ Alexander Dmitriev, director of Dial Real-Estate Agency, said to UrBC representative.

‘The price of a square meter of dwelling grew by more than 100% last year, and it was clear in December already that the market could not possibly sustain this pace. So the price growth rate has slowed down, even though the prices still tend to go up. I am inclined to see this as some kind of inertia, as the realtors haven’t been able to adapt to the new conditions yet. The growth rate will get even slower in a couple of months,’ Mr. Dmitriev said.

‘It may now take twice as long to sell an apartment and the supply has increased by almost 80%, which means the local market is stabilizing.’