The increase in housing prices in Russia is due to a trend of constructing affordable small apartments. Ekaterina Nikitina, head of the real estate agency 'PRO Exchange' and Vice-President of the Moscow Realtors Guild, explained the rise in property prices in the country in a conversation with Ura.Ru.
"This is primarily due to the rising cost of housing. Developers, in an effort to reduce the price and enable buyers to acquire living space as quickly as possible, are reducing the size of apartments. As a result, the demand for real estate is growing, leading to a rise in prices," explained the realtor.
The trend of rising housing prices will continue, believes the Chief Operating Officer of the real estate agency Ox Capital, Server Murtazaev. The expert does not rule out that in 2024, apartments in Moscow could additionally increase in price by about 1.5 million rubles.
Earlier, it was reported that new apartments in Russia have become record-breakingly small - over the last five years, the average size of properties in major Russian cities has decreased by 7-18 percent. Market participants note that this trend has formed against the backdrop of falling real incomes and rising real estate prices.
