Thursday, November 23, 2017

Yekaterinburg apartment prices decrease

According to a survey of the Ural Chamber of Real Estate, the prices of apartments in and around Yekaterinburg have decreased.

The recent market change marks the first time in 1.5 years that apartment prices have gone down in Yekaterinburg, and housing prices on the secondary market have fallen across the board. Last week, prices for secondary market housing dropped 0.3 percent. Currently, the average cost per square meter of housing in the secondary market is $2,061, URA.ru reports.

Secondary housing costs had previously risen each week for 1.5 years, although they had slowly begun to plateau in the spring, with little to no change in housing prices week by week. Many experts believe that housing prices have now entered a period of stagnation, where prices will likely only increase or decrease very slightly.

In the primary housing market, prices still remain high, having risen 20 percent since May 2010, with recycled primary housing costs increasing by a factor of 27 percent, according to URA.ru.

Much of the housing market is based on the fluctuations of the economy. When financial markets panic, real estate markets respond accordingly.