Housing prices in Yekaterinburg expected to decline two to three percent by year's end
Chamber analyst Mikhail Khorkov attributed the projected decline in Yekaterinburg housing prices to the considerable increase in available housing, following the completion of high-density housing units throughout the city in 2013, Ural Business Consulting reports.
"Last year was a rather favorable one, yet it became clear by the start of 2014 that the market is in for a certain change," Khorkov said during the press conference, according to Ural Business Consulting. "The market needed a temporary halt to 'catch its breath.' However, this never happened. Negative external trends were the main reason for this. Due to recent events in Ukraine, the market was flooded with customers wishing to sell or buy as quickly as possible, as they were afraid the purchasing potential will get much worse in the nearest future. However, this factor turned out to be short-lived. It no longer has a lasting impact on the market."
As of Aug. 20, the average price for one square foot of housing in Yekaterinburg reached $21,000.
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