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Crimean real estate market stumbles

October 08, 2015 13:35 0 1931 QirimInfo
Prices decreased 7-10%, demand plummeted.

The real estate market of Crimea continues to fall, reports QHA citing Alexei Burban, the director of a real estate agency M2 Krym.

“Dollar is seemingly stable and the people realized their prices were inflated, so they started to decrease them. Maybe the change was minor, but it was a change anyway. What we used to sell for $65 thousand we are currently selling for $58-60 thousand,” Burban said.

He also noted that the demand is very weak. During the last 2.5 months he consulted 186 clients, but only 2% of them made purchases, even though there are more than 27 000 real estate objects in his agency’s database.

Last year the demand was a lot stronger, since Russians were buying up land for future enterprises. This year there are almost no such deals.

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