Sales of new builds fall by 4,5% in Tatarstan
The sale of flats and other rooms in new builds rose by 17,6% in Russia in 2021, 898,600 deals were sealed. However, sales in regions anyway decreased, including in Tatarstan. Last year, more than 20,000 flats and rooms in new builds were sold in the republic. It is 4,5% less than in 2020. At the same time, compared to 2019 before the pandemic, sales increased by 11%.
So the number of agreements on equity construction was 18,200 in 2019, 21,100 — in 2020, 20,200 in 2021.
Sales of flats and other areas in new builds fell most notably in Saint Petersburg among Russian regions. The number of deals in the city shrank by 5,300, which is 6,5% less than in 2020. Such dynamics have been seen for many years. This happens because of a sudden rise in housing price. Prices rose here faster than across the country on average.
Meanwhile, sales in Primorsky Krai go up. Last year, 10,400 equity construction agreements were signed in the region. The growth was 55,5%. Also, it was recently known that the Tatarstan capital was in the “yellow zone” of the real estate market where the cost of a house on credit is 1,3-1,6 times more expensive than rent. If a pricier real estate segment is considered, the average mortgage term can cost over 40 million rubles, while the rent during the same period is 32 million.
The cheapest real estate rent can be 3,1 million against 4,9 million for a new flat on credit and 4 million for a second-hand flat. Whereas the most expensive mortgage compared to a flat rent is in Moscow and Saint Petersburg.