In 2024, secondary housing in St. Petersburg fell in price by almost 9%

In 2024, secondary housing in St. Petersburg fell in price by almost 9%

The average cost per 1 sq. m. in the secondary market of St. Petersburg in early April 2024 reached the mark of 205 thousand rubles. Experts of the «Nevsky Prostor» real estate agency report this statistics.

This year, this parameter is actively decreasing. In the period from January to April, the average price of a "square" in the segment of secondary housing decreased by 8.56% or by 19.2 thousand rubles. In January, the average price was at the level of 224.2 thousand rubles.

Over the year — from April 2023 to April 2024 — secondary real estate in St. Petersburg rose in price by 10.5% or by 19.5 thousand rubles. In April last year, the average square was estimated at 185.4 thousand rubles.

«At the beginning of 2024, the secondary real estate market in Russia faced a noticeable decline in prices, which averaged about 8-8.5%. This change was the result of a number of factors, among which the key was the increase in mortgage rates, which began in September of the previous year. The increase in rates has led to the fact that mortgages have become unaffordable for many, which, in turn, has increased interest in renting housing. It should be noted that after a period of gradual increase in real estate prices throughout the previous year, this shift in the market became a kind of "cooling", the effect of which began to be felt with a delay.

Despite the general decrease in cost, apartments in good condition and in prestigious houses continue to keep their price. At the same time, economy-class housing, including Khrushchev and panel houses, is experiencing a decline in prices. Despite the decline, prices are still above the levels of 2021.

In 2024, real estate prices are expected to stagnate, which to a certain extent stabilizes the market and makes the buying and selling process more predictable for all participants. This creates conditions for more comfortable transactions, since there is no need to rush to decisions due to fear of possible price changes. According to our predictions, prices will begin to rise gradually only after mortgage rates decrease, which pushes the market to a certain stagnation. However, with the arrival of summer and the increasing interest in buying real estate outside the city, the demand for high-quality housing will increase, which will undoubtedly have an impact on price dynamics. At the same time, in order to sell economy class properties, sellers will have to lower prices, but transactions will take place, emphasizing the vitality of the market even in the face of current economic challenges».

Alla Shinkevich, CEO of the Nevsky Prostor Real Estate Agency

Source: «Bolshoi server nedvizhimosti» (BSN.ru)

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