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The Kharkiv real estate business is breaking down

Photo from mykharkov.info

In OctoberNovember period of this year, the average price of real estate deals in the secondary housing market showed a gradual decline.

According to realtors, the current situation in the market is characterized by stable and real property prices.

“Today the market is real as ever: firstly, there are almost no properties at inflated prices in sale. Secondly, sellers realized that they have a little choice: either to focus on the market prices or remove an item from sale, as the chances to sell an apartment at higher price now tend to zero. Finnaly, the bargaining reduced from 5% to 2%. It means that both sellers and buyers are aware of their possibilities,” said the head of one of the Kharkiv real estate companies, Svetlana Yakimova.

The expert stressed that the stable and, at the same time, slight decrease of prices is a sign that the real estate market has hit the “bottom”.

According to experts, in October-November 2015, the cost of one-bedroom apartments in Kharkiv ranged from 13 to 95 thousand dollars, two-bedroom appartments cost from 18 to 145 thousand dollars, and three-bedroom ones priced from 21 to 299 thousand dollars.

Despite the crisis, the property developers build new facilities and adapt to the market conditions. The main driving force that pushes the market up today, is the Kharkivens’ fear to lose their savings, so they stive to convert hryvnias to real estate property.

Experts believe that in the short term the real estate market could grow but a political factor will play a key point in its development. In the case of a favorable political situation in the country, sales of the real estate market are expected to grow by about 7-10% next year.

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