Sales of housing in the secondary market increased by 8.5% in Tatarstan.

      The Rosreestr Office for Tatarstan registered 12,300 transfers of property rights through purchase and sale agreements in May. This is 8.5% more than in the same period last year, when 11,300 such transactions were formalized. The most noticeable growth was recorded in the residential real estate segment. The number of registered transfers of rights to apartments and other residential premises increased by 24% – from 3,600 to 4,500 agreements. Changes in other categories of real estate were less significant. Thus, the number of transactions with individual residential houses grew by 3% – from 914 to 941 purchase and sale agreements. The demand for land plots remained virtually unchanged at around 6,200 transactions. In the primary real estate market, 1,600 participation agreements in shared construction were registered in May. This is 13% more than a year earlier. Lilia Burganova, Deputy Head of the Rosreestr Office for Tatarstan, noted that compared to May of last year, the market shows positive dynamics. However, compared to April, the number of registrations in the secondary market decreased. According to her, the decline in activity in May is traditionally associated with the prolonged May holidays and the start of the vacation season. This year, the number of registrations for transfers of rights in the secondary market was 19% lower than the April level, while a year earlier the decline was 11%. Ruslan Sadreev, Vice President of the Tatarstan Realtors Guild, linked the increase in demand for secondary housing compared to May of last year with the gradual decrease in the key rate and, consequently, mortgage rates. At the same time, he emphasized that the cost of loans remains high for most buyers. In his estimation, if the trend of decreasing rates continues, the number of transactions in the secondary housing market may grow even stronger in the second half of the year.

      Photo: © Vladimir Vasilyev / "Tatar-inform"