“Colliers” explains this increase to the increase in prices, not to a higher number of transactions. The average registered transaction for an apartment in a new building in 2023 was 152,000 euros, compared to 131,000 euros in 2022.
The number of registered sales transactions in 2023 has decreased by only 6% compared to 2022. 2170 sales transactions were registered last year, compared to 2290 transactions in 2022.
The report explains that, just like in 2022, these positive numbers are related to the large number of reservations in the construction stage in 2021 and until the middle of 2022. In 2023, 69% of registered transactions were based on reservations from previous periods, while in 2022 this figure was 63%.
In the segment of renovated projects, developers have switched to selling apartments without interior decoration, thus allowing to maintain lower prices. As a result of these changes, the average transaction remained unchanged – around 100,000 euros.
The report states that in 2023, the average registered transaction price showed a stable monthly increase, reflecting the impact of the increase in construction costs in 2021-2022.
Compared to 2022, the price per square meter of registered transactions increased by 14% on average. The asking prices in the construction stage have remained relatively stable since the fall of 2022. Despite the average increase of 14% compared to 2022, since the price correction in the second half of 2022, no price increase has been observed in the market.
“Colliers” informs that at the end of 2023, the total offer of available apartments – 3,840 apartments – was 7% less compared to the end of 2022. However, the number of available completed apartments – 1780 – increased by 50%.
Meanwhile, the number of apartments under construction – 2060 apartments – is 30% less than a year ago. In 2021, approximately half of all apartments under construction were reserved. At the end of 2022, this indicator dropped to 38%, and at the end of 2023, only 32% of apartments in the development stage had already been reserved.
Of the apartments under construction at the end of 2023, 650 apartments were reserved, while 1410 apartments were available.
The report states that the activity in the construction stage in 2023 was influenced by several factors. First, higher financing costs reduced the number of potential buyers. Second, the number of available ready-made apartments increased, which buyers did not have to wait for and could see in real life, not just on paper. Thirdly, the general sentiment was affected by the energy crisis and the rising cost of living.
As a result of these factors, booking activity continued to decrease by another 36%, reaching only 42% of the indicators observed in 2021, when the activity first shifted to the developing market.
2024-02-13 15:34:00
#year #apartments #sold #million #euros
