Sber mortgage deals show new-home prices rose 0.9% in September

The average price per square metre of Russian new homes in Sber mortgage transactions rose 0.9% in September to 194,600 rubles. Existing-home prices increased 1.2% to 131,700 rubles.

Domclick and Sber’s Financial Analytics Centre presented the figures. Annual price growth was 10.1% for new homes and 12.1% for existing homes. The data cover completed mortgage transactions at the bank, rather than all property sales nationwide.

The analysts linked September demand to expectations of changes to family mortgage conditions from October 1. The price increases preceded the changes taking effect. Monthly growth in existing-home prices has remained at least 1% for five consecutive months.

The median square-metre price in buildings no more than 10 years old reached 195,700 rubles, 0.6% above the new-home figure. For Soviet-era housing, it was 117,200 rubles, while such homes’ share of transactions in the existing-home market fell to 51.5%.