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Prices of real estate in Russia 2023-2024
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0:00 Beginning
0:41 Prices in Russia
1:54 Prices in Moscow
3:06 Prices of elite housing in Moscow
5:40 Prices in St. Petersburg
6:10 Prices in other cities
6:32 Expectations about 2024
Owning real estate in Russia may be interested for a foreign national; for example, it significantly increases the chance for a foreigner to get a quota for a temporary residence permit (everybody who studied this question knows how hard it is to achieve it, and how unpredictably these quotas are allocated). And you as a foreigner may be considering buying an apartment in our country. How much did real estate cost in Russia in 2023, and how much is it going to cost this year, 2024?
The year 2023 was a challenging one for the Russian real estate market, as the country faced economic and social difficulties due to the COVID-19 pandemic, international sanctions, and political unrest. Despite these factors, the residential real estate prices have been steadily growing in Russia both in the primary and the secondary market over the observed period. The prices were rising during over the past three years, now we are talking about 2023, and today, January, 2024.
According to the Federal State Statistics Service, the average square meter price of new construction residential buildings in the country was measured at over 128.8 thousand Russian rubles and at nearly 92 thousand Russian rubles for the second-hand properties, respectively, by the second quarter of 2023. This represents a year-on-year increase of 7% and 6.8%, respectively. Note that these are official statistics, and factually in sellers’ offers we see prices that are 20-30% higher. Consider it when watching this video.
The price dynamics varied across different regions and cities, depending on the local supply and demand, infrastructure, and economic conditions. Moscow and St. Petersburg, as the two largest and most developed cities in Russia, remained the most expensive and attractive markets for buyers and investors. However, they also faced very high competition.
In Moscow, the average price of new apartments reached 264.9 thousand rubles per square meter, while the average price of secondary apartments was 212.4 thousand rubles per square meter, by the end of 2023. These prices were 8.7% and 7.9% higher than the previous year, respectively. The demand for housing in Moscow was driven mostly by the growing population. I am drawing your attention to the fact these statistics do not reflect the actual value of real estate in the very center of Moscow. For example, apartments in the Moscow City complex are offered for sale in advertisements for an average of 750,000 rubles per square meter.
In St. Petersburg, the average price of new apartments was 197.1 thousand rubles per square meter, while the average price of secondary apartments was 156.9 thousand rubles per square meter, by the end of 2023. The demand for housing in St. Petersburg was fueled by the improving quality of the life, the cultural and historical heritage, and the tourism potential of the city.
In other cities, the prices of real estate were generally lower than in Moscow and St. Petersburg. For example, in Rostov-on-Don, the average price of new apartments was 77.8 thousand rubles per square meter, while the average price of secondary apartments was 61.9 thousand rubles per square meter, by the end of 2023.
The outlook for the Russian real estate market in 2024 is uncertain, as it depends on the recovery of the economy and the stability of the political situation. However, some experts predict that the prices will continue to rise, even though at a slower pace, as the supply of housing will remain limited and the demand will remain high.
#realestate #apartment #expensivehouse