In 2018, in St. Petersburg and suburban areas of the Leningrad Region, developers sold a record volume of
residential real estate for the last four years — 4.8 million square meters. The main reasons for the high demand were low
mortgage rates, uncertainty in legislation, expectations of price increases and fluctuations in exchange rates.
< br> At the beginning of last year, experts predicted demand at the level of 4.5 million square meters. However, the results exceeded the most optimistic expectations. The final figure was 17 percent more than in 2017, 16 percent more than in 2016, and 27 percent more than in 2015. Thus, last year, developers came close to the historical record of the market, delivered in 2014, when 5.1 million meters were sold.
At the end of 2018, housing prices for mass demand in St. Petersburg increased by 7 percent, in the suburbs - by 10.5.
The Construction Committee expects the demand for new buildings to remain at the current high level or even to increase further. To date, permits have been issued in St. Petersburg for the construction of about 25 million square meters of new housing. The implementation of this volume should take about 5 years.
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