Sunday, August 20, 2017

Housing prices increase, home availability decreases in Yekaterinburg

The Ural Chamber of Real Estate said on Thursday that housing prices in Yekaterinburg have risen gradually since the beginning of the year, while the number of houses on the market continues to shrink.

The Chamber of Real Estate's data shows that the median price per square meter of housing in Yekaterinburg reached $2,045 as of March 17-- a 0.7 percent increase from the beginning of March and a 1.5 increase from the start of the year, Ural Business Consulting reports.

"Since the start of the year, the number of apartments offered for sale has dropped by 11 percent, that is, by nearly 1,000 apartments," the Ural Chamber of Real Estate's press service said, according to Ural Business Consulting. "There are about 7,500 apartments and 1,400 rooms offered for sale in the Ural Chamber of Real Estate's database alone... Some 2.4 million square meters of housing are put up in Yekaterinburg every year."

Meanwhile, in downtown Yekaterinburg, the city's most expensive neighborhood, median housing prices have fallen 1.6 percent to $2,652 per square meter in the last four weeks. In the city's fourth-most expensive neighborhood, however, housing prices grew to $1,513 per square meter in the same period.

"Such considerable changes in the median figures mainly have to do with the significant variations in the amount and structure of supply," the chamber's analysts said, according to Ural Business Consulting. "Under the current political and economical uncertainty, both buyers and sellers tend to act emotionally rather than rationally."