A survey of management companies and developers showed that the mass segment of real estate will suffer the least due to the coronavirus. This includes housing in new buildings and economy class apartments in the secondary housing market. On the morning of May 3, the price per m² increased by 3%. The mass segment accounts for about 60% of the housing market.
“It is possible that projects with close deadlines or ready-made buildings will be in demand: such a purchase excludes additional risks,” emphasizes Igor Kozeltsev, CEO of Management Company Razvitie.
Despite the leveling off of the situation, demand in the secondary market will not recover so quickly. Today, some potential buyers (even those who have already had preliminary agreements with sellers) in conditions of economic uncertainty will refuse to purchase real estate, they believe experts. But this situation can stimulate supply in the secondary market. However, this will happen extremely slowly - an increase of 2-3% per month.
Also, a gradual decrease in prices will begin, but they will decline smoothly - sellers of the "secondary housing" may not agree to concessions for years, and buyers, on the contrary, are trying to reduce prices.
Source: Russian newspaper