«An incomplete picture» what is the reason for the 21% drop in demand for secondary housing in Saint – Petersburg
Interest in offers on the secondary market decreased throughout Russia by March 2023. The owners are ready to provide buyers with big discounts that previously did not exceed 3% of the cost of apartments.
Demand for secondary housing in St. Petersburg fell by 21.2% according to data for March 2023 compared to last year. On average in Russia, consumer activity in the secondary market decreased by 41.3%. This is all connected to the increase in offers — in Saint - Petersburg it amounted to 42.4% for the year. Apartment owners are trying to stimulate demand, they are ready to provide buyers with discounts of 5-10% of the original cost, although previously the discount did not exceed 3%. NEVSKY NEWS discussed what is happening now with housing prices in the region with Alexander Ginovker, president of the Nevsky Prostor real estate agency.
Alexander Ginovker, President and founder of the Nevsky Prostor Real Estate agency.
«Usually at the end of February, March and early April, the market is always active, now it is almost at the level of previous years. Those objects that are exposed at real prices, they sold quickly enough. Demand has fallen according to only one service analysis, and this does not fully reflect the whole picture. Moreover, this service has been ineffective lately. I would not be guided by such numbers».
According to the expert, at the moment a new "secondary" is best sold in St. Petersburg — apartments in houses that were built about 10 years ago. The old fund is also in good demand if the price matches the quality.
«Luxury apartments at prices of more than 100 million rubles are also actively selling. Although there is no such situation that nothing goes away in any of the sectors," - Alexander Ginovker added.
SOURCE: NEVSKY NEWS
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