The volume of sales on the primary real estate market in St. Petersburg has decreased by almost 40% since the beginning of the year. "Compared to the first quarter of 2024, the decline is about 37% - not as much as one might expect based on the mortgage transactions lost to the market. To some extent, investors managed to replace mortgages with various installment payment plans. The absolute number of mortgage transactions (per quarter) decreased by 6,000, while the number of all transactions under equity participation agreements decreased by only 4,500“, said Dmitry Falkin, Vice President of Sales and Service of the RBI Group.
In the first quarter of 2025 the number of concluded transactions did not exceed 7,500 (within St. Petersburg, excluding the Leningrad Region), which is 20% less than in the fourth quarter of 2024.
From December 2024 to March 2025, the average price per square meter remained unchanged and amounted to approximately 275,000 rubles per square meter. The average price in the comfort class segment remained at the level of 265,000 rubles per sq. m. meter. In the business class, there was an increase in prices of 2-3% per quarter, the average price per square meter today is about 460,000 rubles.
Experts note a further decrease in the volume of mortgage lending, even compared to the second half of 2024 (after the cancellation of state-supported mortgages). In January and February, the share of mortgage transactions in the St. Petersburg market was below 40%, but in March it increased slightly and amounted to 46%. The corresponding indicator in the last quarter of 2024 is 48.5%, in the second half of the year - 56%. Almost all mortgage transactions today are family mortgages, notes Falkin.
Detailed statistics on average property prices in Bulgaria by cities and neighborhoods can be seen HERE