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Ural Real Estate Chamber: Rooms 22% Cheaper in Yekaterinburg

UrBC, Yekaterinburg, May 15, 2017. The average asking price declined by 0.5% on Yekaterinburg existing home market in the last four weeks and currently comes to 66,749 RUR per m2. This is 13% less than in February 2015 and 2% less than at the start of this year, Ural Real Estate Chamber’s analytical report states.

Prices went down most noticeably in the city’s remotest and cheapest locations, where homes can now be had for 47,939 RUR per m2 (-2.6%). This is all part of the estate revaluation process. The price decline came to 0.8% to 0.9% in the city’s second and third most expensive locations near downtown (71,726 RUR and 60,720 RUR per m2, respectively). The average asking price now stands at 56,132 RUR per m2 (-0.6%) in the fourth costliest areas. Centrally located apartments are on offer for 94,437 RUR per m2 (up 0.2% on one month previously).

Four-plus-bedroom apartments lost their value the most, with decline at 1.9%, down to 67,917 RUR per m2 on average. One-bedroom homes are now 0.7% cheaper, at 65,207 RUR per m2, two-bedroom ones are 0.5% cheaper, at 65,939 RUR per m2, and studio apartments are currently on offer for 71,189 RUR per m2 (-0.4%).

Prices of rooms in communal apartments declined by 1.2%, down to 63,161 RUR per m2. Increasingly fewer customers are interested in this market segment, as many of the buyers are now looking to get new studio apartments instead. The supply of studios has gone up considerably, while their area is now smaller on average, meaning studios are now a better option for the customers looking to buy the cheapest housing available. The price of a room in a communal apartment is now 22% lower than in February 2015.
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