Apartments may fall in price in Russia

Real estate market in Russia is supposed to decrease – apartment prices may roll back in the near future to the level of the beginning of last year.

Mikhail Voskresensky / RIA Novosti

According to Rossiyskaya Gazeta with reference to the founder of the company Realiste Alexei Galtsev, by the end of 2023 prices per square meter will return to the level of January 2021.

However, further the market can go into the growth stage, the expert believes. Nevertheless, in order for prices to return to the level of last spring, maybe five year period is needed at least.

Today, the decrease in the cost of apartments is already noticeable – according to the expert, developers offer discounts of up to 30%.

However, not everyone agrees with this forecast. According to the CEO of Russian auction house Andrei Stepanenko, housing prices more likely will remain at the current level until at least early 2023.

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