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A note about these statistics: Statistics for real estate in the Tsentralny region can be misleading due to the fact that the majority of real estate in this area is still not prime but rather communal apartments and 1st, 2nd and 3rd courtyard apartments - therefore lowering the overall average. To get a better idea of prices for decent, central real estate, please click here.In the opinion of many market analysts, the dip in the market that occurred between June and September of 2004 hit its lowest point in September. This is confirmed by data collected by the State Housing Registry (GBR). The average difference in price between buy sell transactions was greatest in October (35% lower than same period last year). From this period on, the average price is slowly rising once again and the volume of new listings (offers / supply) added to the overall city supply has started to decrease indicating greater market activity.Quantity of registered purchase agreements by month 2002, 2003 and 2004
The fall in average prices from June to September resulted in a change in the overall dynamic of the market which will further influence the market throughout 2005. Property prices became strongly dependent on the type of building for sale. The building type that is experiencing the fastest drop in prices is the standard panel type houses built in the 1960s and 1970s (Krushovki). Price difference by type of building June - Dec. 2004,%  Location is becoming more important in determining price levels. Unpopular regions are falling in price (Frunzensky, Krasnoselski and Nevsky). However, the price levels in the historical center continue to steadily rise and demand has remained quite steady.A drop in prices in demand for elite housing (the majority of which are located in the historical center) has not occurred whatsoever. Prices for elite housing offered in the spring of 2004 which at the time were considered inflated have remained steady and the market has finally caught up to these prices illustrated by an increase in real demand for these properties.Price differences by region, June - Dec. 2004,% Another interesting tendency is the relatively rapid fall in prices for smaller sized residential property (1 room apartments). During the recent rise in prices leading up to June 2004, the prices for smaller properties rose at a quicker pace than other housing types. Today, we are seeing a correction to this process, with prices falling at a faster rate. By the middle of 2004, the average difference in price per square meter between 1 and 3 room apartments was approximately 18%. Today, the difference in price per square meter is 14% and we forecast that it will fall to approximately 10%.Price dynamics by size of apartment, June - Dec. 2004,% One of the most important tendencies that became evident this year was the large difference in demand between buildings constructed before 1990 and those built after 1990. For the latter, demand has grown substantially - most likely due to higher quality building practices. Prices for buildings built pre 1990 are either falling or holding steady. »» Go to statistics on primary real estate market |
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