Sochi real estate market becomes stable – prices go down by 2.7%
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The real estate market of Sochi has stabilized. Last month the prices in the city have decreased by 2.7% and were fixed at a level of $4,444 for sq. m. Since the announcement of Sochi as the Olympic city the prices have increased by 47.9%. Short-term stabilization in the city, which was observed in the beginning of the year, on the background of market going up in Russia’s largest cities was replaced by a new wind of the prices rise, reports DAILYSTROY.
According to the portal, further activity of the market will depend on eliinating the uncertainty of the situation, which has been detrimental in the market development so far. At the same time, Kolodyazhniy’s new assignment (the ex-mayor of Sochi is appointed to the position of head of the State Corporation “Olimstroy” — REGNUM) can bring stability to the real estate market, regarding guarantees of earlier reached arrangements achieved with city players of the building market. Certainly, the decision to hold down supposed risks by appointment of the old risks guarantor is suspended and well-considered and will affect the prices, and lead to excitement of the market.
“However, for untying the tight knot of city problems it is necessary to show investors the ability of the new-old leadership to solve the problem of building capacities in the city, infrastructural restrictions, and to define how the city will develop later — as a resort or as a summer residence of Russia,” it is said in the report. You can find out more in the full text of Sochi of real estate market indexes research here.