OREANDA-NEWS. The average price per square meter of secondary housing in Russia increased in October 2021 by 1.7 percent, to 88.2 thousand rubles. The average cost of a finished apartment increased by 1.9 percent, close to the psychological mark of 5 million rubles, follows from the materials of the CIAN.

According to analysts, most of all "secondary housing" for the past month has risen in price in cities with a population of over one million outside the metropolitan areas - by 2 percent. In Moscow, prices increased by 0.7 percent, in St. Petersburg - by 1.8 percent.

The starting average cost of apartments, first introduced to the market in October, amounted to 88.5 thousand rubles per square meter - 0.6 percent more than in September and 23 percent higher than a year ago. The total cost of the lot has reached 4.98 million rubles.

The volume of supply in the secondary market decreased by a third over the year due to increased demand. At the same time, in October it grew by 1.4 percent. The potential demand for buying an apartment for the year decreased by 15 percent, analysts calculated.

"The housing market is adapting to the new reality," states CIAN. - Despite the increase in the key rate, prices continue to rise slowly. Nevertheless, sellers are careful about indexing, fearing to lose potential buyers."