Housing in Russia to become more expensive by 10-20%

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Housing in Russia to become more expensive by 10-20%
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Prices of housing in Russia will increase. Ahead of the summer season, an average residential square footage will grow by 10-20%. Oleg Sukhov, a real estate expert, told Vladtime, about what affected the cost of housing and how to avoid growth of prices for housing in Moscow.

One of the factors of pricing was the destruction of old Soviet-era five-storey houses within the framework of the housing stock renovation in the Russian Federation. Initially, their demolition may not affect the real estate market, but subsequently, when a modern housing will be developed on those sites, the price per a square meter will increase significantly.

However, he added that the surge in construction activity in Moscow and its suburbs might prompt competition and afterwards reduce prices for housing.

As for the coming months, housing prices will rise by an average of 15% in usual areas of the capital city, and by 20% in elite compounds.