Over the past decade, certain regions in Russia have experienced significant increases in new housing prices, primarily driven by rising tourism appeal. According to data from the Unified Register of Developers (URD), the cost per square meter in new buildings has surged the most dramatically in Altai (7.1 times) and Dagestan (7 times). Crimea follows with a 4.3-fold increase. Regions like Adygea, Sevastopol, and the Kuban have seen prices rise approximately fourfold.
URD head Kirill Kholopin suggests that this surge is linked to the popularity of these destinations among tourists, leading developers to focus on catering to this market rather than local residents.
Conversely, housing price growth has been slowest in regions like Novgorod and Arkhangelsk, the Komi Republic, the Jewish Autonomous Region, Pskov Region, Ingushetia, Sakhalin, Yamalo-Nenets, Khanty-Mansi Autonomous Okrugs and Belgorod. In these areas, prices have roughly doubled over the past decade.
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