In February, an apartment in the elite and business class fell by almost 10%

According to the Analytical Center of Real Estate Agents DOKI in February, the average cost per square meter decreased by 4.5%, breaking the psychological mark of $ 4500 to $ 4430. The proposal in this class fell by 1,7% to 24,5 thousand apartments. Apartments Business-class fell in February by 9,5% to level of $ 7,165 per square meter. Proposal for the month fell in this class, 0,4% and is now at 4,940 sites. Square meter luxury apartments fell in February by 9,7% and now stands at $ 13,557. Thus, the elite meter second consecutive month, losing in the cost of more than $ 1,5 thousand Number for sale luxury apartments dropped by 1.4%, which corresponds to 7.9 thousand flats. Thus, in February, the maximum reduction in prices has affected the elite and business class, accounting for one month, almost 10%, which is an absolute record in the modern history of the property market. Against this background, economy-class apartments became cheaper in February at a slower pace and the correction did not exceed 5%. It is noteworthy that in February, price changes accompanied by a decrease in supply in all segments and the number of transactions increased by 4,6% compared with January. The current situation is a mirror similar to that which prevailed in the market before the price reduction. Then the rising cost of a meter in expensive segments of gradually slowing, while prices in the economy class continued to grow at an accelerated pace. Data for January and February suggests a possible stabilization of prices in March and April. Further developments in the property market depends on the overall situation in the country's economy. Among the factors adversely affecting the level of demand in the future stands, such as reduced income due to a decrease in wages and correction of the national currency. So, according to Federal State Statistics Service in January, real wages, adjusted for inflation, fell by 9,1% compared with January 2008 and decreased by 26.7% to last December, and the national currency decreased by 28.7%. In addition, the number of unemployed in January 2008 increased by 23,1%, as compared to the previous month - 5,2%. These data indicate the deteriorating financial position of the most active part of the population, which provides the bulk of demand for residential real estate, which is confirmed by data HMLA for the fourth quarter of last year, when the proportion of overdue loans increased by 11,5% of the total volume of mortgage loans. As you know, another is not straightforward, but a significant factor affecting the real estate market is the cost of a barrel of oil, as it is known to have declined since October, when it marked the first decline in housing prices in the capital by 54% - from $ 94, 5 to $ 42. According to the General Director of Real Estate Agents DOKI Valeria Barnintsa, only those figures already show that real economic changes have not affected the property market and almost could not affect the decrease in purchasing power. Presumably, the main reason of falling market activity in the 4 quarter of 2008, rather, consumer expectations, rather than the actual financial position of potential buyers. The influence of economic factors on real estate deals can be seen only in late April and early May this year, when most potential buyers will feel the real impact of adverse economic factors on itself.