The excitement around residential real estate in the Crimea is gradually eroding. In the I quarter of 2015, prices fell by 15% and demand reduced to a minimum, writes “Kommersant” . Scare away potential buyers and sellers of high expectations of poor infrastructure. Against this background appeared more attractive housing in another resort area – in the Krasnodar region.
According to Krymstata growth in residential property prices in the Crimea on the results of 2014 amounted to 46%. But in the beginning of this year there was a sharp pullback: the results of I quarter the average cost of housing fell by 14%. Exactly the same figures, analysts called the trading system REM Navigator. According to their calculations, in February the average cost of 1 sq. m in the apartments on the secondary market and individual homes was 1.3 thousand dollars. Total supply for the year has not changed: now the peninsula sold a little more than five thousand objects.
The agency “Multidom” takes a slightly different estimates. According to them, in Sevastopol, the 15 per cent decline in ruble prices can only speak on the primary market. “Sellers of the secondary real estate objects are traditionally nominated in US dollars and are not going to lower prices,” – says a company representative Natalia Massalsky. In her opinion, people who bought real estate in Crimea last year, in any case, have benefited: the price of many objects in the secondary market has grown in proportion to the dollar.
The strong dynamics of prices is not noticed and analysts portal “World Apartments “According to their calculations, the average price of apartments in the Crimea in the I quarter increased by 3.5%. The slight fall in prices is observed only in Yalta (-3.5%), Armenian (-1.2%), Yevpatoria (-1.2%), Sevastopol, Feodosia and Kerch (within 1%), according to the study . But investment demand decreased markedly. According to the recently published thesis “World of flats”, potential investors largely deterred by negative news on the state and the utilities, communications, and the protracted history of the beginning of the construction of a bridge across the Kerch Strait.
The sharp rise in property prices in the Crimea started in the spring of 2014, after the referendum on joining the peninsula to Russia. At the same time it took off and interest from Russian buyers, and sellers began to raise prices, the peak of growth which came in August, when the housing in the secondary market rose sharply by 40%. New buildings were less susceptible to the hype: the cost of housing in the primary market in Simferopol and Sevastopol grew in price by about 10%.
But the effect of demand growth turned out to be ephemeral and short-lived – the activity of Russian buyers has not led to tangible results for two reasons: property prices were much higher than their expectations, and record the transaction was not possible because of the existing lock on the Ukrainian peninsula Register of Rights, noted in REM Navigator.
At the same time the most difficult thing had to suburban real estate market, where over-priced after joining Crimea to Russia have almost ceased to sell the house, the newspaper said.
Developers sad
The experts also point out that in the new year the major developers in the Crimea and has not appeared: now everything is being finished projects begun in “Ukrainian period “.
However, large companies now can not get going in the Crimea technically. Until 2016 the peninsula is a moratorium on the sale and alienation of agricultural land. According to government plans, during this period in the country must be developed land use and development. In addition, on the peninsula does not apply and the system of land auctions, that is a real opportunity to buy a building plot is not, says the source “Kommersant” in one of the construction companies. According to him, Russian companies go to the Crimea is now afraid because of the unstable situation.
Against this backdrop, analysts are skeptical about the prospects for demand for real estate. So, according to experts, “World of flats”, customers, aimed at the acquisition of real estate in the Russian resort areas, it is now much more likely to pay attention to the Krasnodar region. Demand growth in the region has affected the prices. According to the results of I quarter of this year, the average cost of 1 sq. in the primary market Sochi was 67,800 rubles in the secondary – 75 400 rubles. For the quarter, these figures increased by 15.8% and 9.5%, respectively, from the data of Realtors.
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