The Average Price of a Square Meter of Housing in the New Construction Market Grows by 2% for Two Months.
2015 march 11
According to the Petersburg Real Estate Consulting Center, the average price of a square meter in the mass-market segment in lived-in areas of St. Petersburg increased to 104,500 roubles for January and February of 2015.
“Last year the growth of the average price of a square meter in the mass-market class on city areas was lesser in January and February, amounting to 1%, and this year it has reached 2%,” Olga Trosheva, Manager of the Petersburg Real Estate Consulting Center, says. “In 2014 the average price was 93,000 roubles per sq. m as of early March. From that moment, it grew for the year by almost 11%, reaching 104,500 roubles per sq. m early in March 2015.”
An even greater growth was observed in the two past months in the segments of expensive real estate. Thus, the growth of the average price in the business class was 2.06% the past two months, while in the elite segment it was 4.93%. As of early March 2015, the average price of a sq. m in the business segment was 162,300 roubles, while in the premium segment it was 304,900 roubles.
According to Olga Trosheva, the stratification trend continues in the new construction market: the developers of sites under construction with lucky locations and concepts do not experience any problems with sales, and the selling price grows as the extent of construction completion advances and influences the price of apartments and the increase in the prime cost. Meanwhile, the developers of sites that have some poor parameters are starting to engage in dumping.
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