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Ural Real Estate Chamber: Existing Home Prices Drop 10%

UrBC, Yekaterinburg, April 22, 2016. Prices dropped by 10% on Yekaterinburg existing home market against February 2015 and by 2.4% in the first three months of this year, with the average asking price at 69,028 RUR per m2 on April 1, 2016, Ural Real Estate Chamber’s analysts report.

Rather predictably, homes in the older apartment buildings lose their value the fastest: the average asking price of the Brezhnev era apartments declined by 14.5% in the last fourteen months, that of the Khrushchev era apartments dropped by 12.9%, and that of apartments in the nine-storey apartment buildings put up in the eighties decreased by 12.6%. In the meantime, large-rooms-and-spacious-kitchen apartments pertaining to the same periods only grew 9.9% less expensive. Thus the average price of a square meter comes, respectively, to 61,246 RUR, 63,125 RUR, 63,387 RUR, and 60,441 RUR at the moment. As for more modern homes with an improved layout, these grew 11% cheaper and can be had for 66,430 RUR per m2 on average. Special-design apartments grew 7.1% cheaper and now come for 77,868 RUR per m2 on average.

Even though the market supply has been decreasing somewhat in the last six months (-13%), it is still ample enough. There are currently 25% more homes for sale on the market than in February 2015, and it still takes between four and a half and five and a half months to make a sale.
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