Houses warming as property surges into 2010
Alexandre Pypin, Head of the analytical centre at GdeEtotDom.Ru says the jump in the number of sales continues a trend which began late in 2009, but that so far the gains in price have been minor.
Moscow’s residential real estate sector is hotting up once again with January sales bouncing back to pre crisis levels.
The month saw a 46% jump in sales with 3,923 properties changing hands, according to the state services department, with real estate players pointing to apartments which had been taken off the market coming back on.
Alexandre Pypin, Head of the analytical centre at GdeEtotDom.Ru says the jump in the number of sales continues a trend which began late in 2009, but that so far the gains in price have been minor.
«In fact, the housing market had started to rebound already in the summer of 2009, but that’s in terms of the number of transactions. Prices are lagging behind, especially in Roubles, and when they talk about the prices going up by 15%, I think, they mean the dollar ones, which converted into Roubles would mean just a 3-4% price rise. I think, prices for housing won’t go too far this year, increasing by the rate of inflation plus some 5%, which would be around 13% in total».
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