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Yekaterinburg New Home Prices Up 4.5%

UrBC, Yekaterinburg, October 22, 2018. Yekaterinburg’s new home market supply is as large as ever, with over 20,000 apartments currently for sale. New home prices rose by 4.5% in the last nine months, Ural Real Estate Chamber reports.

According to the Chamber’s analyst Mikhail Khorkov, there are plenty of interesting housing projects to choose from; the supply structure, however, is now markedly different. At the beginning of the year, for example, there were over 4,000 homes for sale in newly commissioned buildings. In the fall, the number dropped down to 2,400 apartments. The market supply now remains so considerable due to an abundance of new homes currently still under construction.

‘Developers have been very active in launching new housing projects in the last nine months. Most of them started selling in the first half of the year, some of them offered their new homes for sale in the fall. However, very few new construction permits have actually been issued in the last few months,’ Khorkov says.

Khorkov believes there are 2.8m m2 worth of new homes currently under construction on the market this month, which is comparable with the peak figures of the year 2014. Developers set a new record this year, as some 1.1m m2 worth of new housing projects took off from the foundation-laying stage.
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