A study conducted by Avito Real Estate service, reported by Kommersant, revealed a 64% increase in the volume of studios offered on the primary real estate market in Russia from March 2022 to March 2023. Novosibirsk saw the most significant surge in studios offered for sale, with an increase of 265.6%. The study also found increased demand for studios in new buildings in Kazan, Volgograd, Yekaterinburg and Moscow, with growth rates ranging from 29.1% to 69%. However, demand for studios in other million-plus cities decreased, with Chelyabinsk facing a 75.3% decline. While there was a 4.4% increase in the cost of studios in new buildings from February to March 2023, a year-on-year decrease in prices by 3% was recorded. Moscow saw a 4.3% decrease in studio costs, while St. Petersburg recorded a 5.3% dip over the same period.
Over the year (from March 2022 to March 2023), the volume of studios offered on the Russian primary real estate market increased by 64%, follows from a study by the Avito Real Estate service (Kommersant has it). The most significant increase in the number of studios offered for sale was in Novosibirsk, by 265.6%.
According to the study, the demand for studios in new buildings increased over the year in Kazan, Volgograd, Yekaterinburg and Moscow – by 69%, 53.7%, 36.9% and 29.1%, respectively. In other million-plus cities, demand has declined. The strongest in Chelyabinsk – by 75.3%.
The cost of studios in new buildings in March compared to February 2023 increased by 4.4%. At the same time, for the year (March to March) a decrease in prices by 3% was recorded. In Moscow, the cost of studios for the year decreased by 4.3%, in St. Petersburg – by 5.3%.
Overall, the Russian primary real estate market has seen a significant increase in the volume of studios offered for sale over the past year. While there has been a rise in demand for studios in certain cities, such as Kazan and Volgograd, other million-plus cities have experienced a decline in demand. Despite a slight increase in prices from February to March 2023, the cost of studios for the past year has actually decreased. It will be interesting to see how trends in the real estate market continue to evolve over the coming months.
