Russia's Property Prices Mixed: Moscow Up, Some Cities Down
Property prices in Russia have seen mixed changes in recent months. While some cities witnessed increases, others experienced decreases in median cost per square meter. Meanwhile, the volume of new housing supply has also shifted.
In Moscow, the median cost per square meter increased by 0.9% to 478,000 rubles. Similarly, St. Petersburg saw a rise of 3.8% to 294,000 rubles. Other cities like Perm and Krasnodar also experienced increases, with Perm rising by 2.6% to 167,000 rubles and Krasnodar by 4.2% to 158,000 rubles.
Conversely, Volgograd and Ufa saw decreases. Volgograd's median cost per square meter dropped by 3% to 124,000 rubles, while Ufa's decreased by 3.6% to 169,000 rubles. Chelyabinsk also experienced a decrease, by 5.2% to 159,000 rubles.
In the megacities, ten out of 16 saw increases, five decreases, and one remained stable. New constructions in the Kuban capital rose by an average of 4.2% in September, while the volume of supply decreased by 2.2% compared to August.
These shifts in property prices and supply volumes indicate a dynamic real estate market in Russia. While some cities see increases, others experience decreases, reflecting regional variations in demand and supply.
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