How did the war affect Russia's real estate market?
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Loading... - Vladimir Dernov
- 06 Feb 2023
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Russians are getting rid of property in Crimea, Moscow, and regions bordering Ukraine.
A two-bedroom flat in the center of Sevastopol, Crimea: 60 square meters, renovated and furnished. It was put up for sale in June, and it's still available now: in the meantime, the price dropped by a whopping 3.6 million rubles (€47,000), or a quarter of its initial price.This is not a one off case. Right now, there is a real estate sale boom in Russia-occupied Sevastopol and Crimea . Up to 2–2.5 times more properties are uploaded for sale now than before the war, in January 2022, the Mir Kvartir real estate agency estimates. The number of flats offered at the end of the summer season, in September. By November and December for sale started riser, they were sold at a discount price.
Due to the shutdown of air traffic and the ongoing war, the tourist flow in Crimea halved last summer. It is unclear when it might go back to the previous level or whether it will recover at all. As of right now, investors are trying to withdraw money from Crimea. Read More…
