Yekaterinburg Secondary Market Prices Match New Construction

The price per square meter for apartments that have just appeared on the secondary market in Yekaterinburg has practically reached the level of new construction. Analysts note that the difference between them is now minimal, at just 1%.

The average cost per square meter when purchasing directly from a developer in a new building is 198,100 rubles (approximately $2,200 at current rates). Owners of apartments in recently completed buildings are selling their properties for not much less – an average of 195,400 rubles (approximately $2,170) per square meter.

Apartments in recently completed buildings – both unsold units left over from developers after a complex is commissioned and objects from investors who bought for resale – combine the advantages of new builds (new utilities, modern layouts, the chance to be the «first residents») and secondary market housing (the ability to move in immediately after purchase), says Elena Bobrovskaya, a lead analyst at Cian.

However, such offers have a significant drawback: with a high price almost equal to new construction, it is no longer possible to obtain a subsidized mortgage for them. Meanwhile, market-rate mortgages remain very expensive.