Demand for apartments has returned to pre-crisis level

02.02.2011 14:16
Real Estate Market Analysis | Demand for apartments has returned to pre-crisis level  Residential real estate market in Minsk, in spite of dire predictions by some experts, demonstrates a tendency to recovery. Prices per square meter for several months, remains practically unchanged, while demand for housing has grown significantly.

According to the National Cadastral Agency of Belarus, in 2010, was carried out 9,454 transactions for buying and selling residential real estate. This is less than in 2008 (10 204 transactions) or 2009 (10 759 transactions), respectively. However, the reduction totals due primarily to the "dead" the first half.

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Autumn market "break" - and the number of transactions began to beat records. The last two months of the year and does have a real holiday for realtors and builders.

In November of 2010, was concluded 1298 transactions for buying and selling real estate in December - 1221 deal. This record numbers in recent years: before that in the capital are so many flats bought and sold in December 2006!

Such a breakthrough is due to several factors. A significant portion of residential real estate today is purchased with the assistance of bank loans.

Belarusian banks have finally been able to offer those in need of better housing options for acceptable credit. In addition, we can talk about what triggered pent-up demand: the price of residential property "worth" a few months already, and prerequisites for their significant drop in the near future is not observed. As a result, those who are waiting for further price cuts come on the market. Finally, the record-breaking figures for the number of transactions in the last two months of the year - the result of the fact that in the final year was commissioned a large number of houses.

In addition, in its view, the crisis in the property market has forced real estate agencies to restructure work, introduce new services for buyers and sellers. Of course, it also contributed to the recovery of the market.

As for the price factor, then, according to statistics of the National Cadastral Agency, has been over 5 months (from September) the price per square meter remains fairly constant and varies within the framework of an arithmetic error "- at least was in November ($ 1,224 per square meter. M) , maximum - in December ($ 1234).

Has not changed the situation and the onset of 2011: the average price per square meter, derived on the basis of transactions already entered in the register of NCA, is $ 1,231 per square meter. m

Demand has increased both the primary and secondary residential property market. Against this background, hardly worth considering the possibility of falling prices. However, as their substantial increase: people are willing to buy property for the current price, but not the fact that they are willing to pay 10-15% more.
Content tags: Overseas property Housing
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