experts spoke about an unprecedented drop in the market for the New Year

The current unprecedented downturn is caused by decreased interest in real estate

At the beginning of 2024, the housing market in Russia experienced a decrease in demand amid tightening conditions for mortgage loans. As a result, property prices fell by about 10% in February. Experts predict a further reduction in prices up to 50% by the end of the year.

In 2024, the real estate market will adapt to new conditions, which will lead to lower prices, especially for secondary housing. In the spring, sellers began to reduce prices, which led to an increase in the number of transactions. It is expected that price growth in both the primary and secondary markets will slow down, and demand in the first quarter will decrease by 10–20%.

Let us recall that at the end of 2023, the conditions for preferential financing for new buildings became worse, and the down payment increased from 20% to 30%. In January…