"Recently, as a result of trade, real prices for apartments are almost always fall by 10-15 percent", - states they are. Deputy general director of real estate agency "for friends" Catherine Teterina gives an example: "We recently closed a deal with the flat, which originally was exhibited for 172 thousand dollars, and was sold for 152 thousand. This dvushka in the panel house in Moscow." In the real ruble terms (adjusted for inflation) the offer price on the secondary market for the past five months fell by 8%.

According to the analytical center "Indicators of the real estate market, the average annual return on investments in metropolitan apartments have inferior returns, which generate bank deposits. Not to mention the stock market: for the same past five months, the stock market grew by 20% in dollar terms (on the RTS). "If a correction in prices for apartments continues, the profitability of housing may become negative. The loss of its value will not be compensated even rental income", - predicts the real estate market analyst Oleg Repchenko.

The relative stability of the market shows only the most expensive, luxury housing, located in the center of Moscow. And then thanks to the perseverance of some rielterskih companies, which give owners of apartments in error unrealistic valuations of real estate. "In fact, apartments are sold poorly, many of them are overvalued, and the volume of supply is growing," - says the consultant company Kirsanova Realty Irina Egorova.

According to Director of Sales, "New money" Andrew Ufimtseva, term exposure of elite apartments increased from three to six months. It had an inexperienced girl consultant could come and look at the ceiling and tell the client that the apartment is, for example, three million. Now such options do not pass. Quick and easy sales anymore.

Offer without demand

Reduced prices for mass housing - a natural market response to a sharp increase in supply of apartments. According to Director of Analytical Consulting Center holding "Miele" Vladislav Луцкова, from the beginning of the volume of supply of apartments on the secondary market in Moscow grew by 25% in Moscow region - 35%.

"We have reached the maximum amount of supply indicators. Monthly market hit new records. In March, the sale was billed 48 thousand apartments. For comparison - during the crisis in 2004 sales volume of supply was 39 thousand apartments," - said the general director of information-analytical center " Realprays Vladislav Shevtsov.

Moreover, all market participants note that the proportional increase in demand has not happened. Moreover, the volume deals with housing in Moscow for the past year, according to the holding "Miel", dropped by seven percent. Some potential buyers who could not buy an apartment, reshiliarendovat housing. Increased demand for rental has led to a sharp increase in rental rates. In the past year, according to the company MIAN - real estate agency, they have grown by 15-17%. While reverse the outflow of renters into the market sales is not observed. Spring rental rates have declined by about 5%, but this is considered a participant of the market, seasonal fluctuations.

According to experts, housing supply in the market is replenished primarily through investment flats. This version, in particular, holds the head of analytical services company MIAN - Real Estate Agency "Alexey Kudryavtsev. "Many investors decided to lock in profits, losing hope of further price increases. Two or three years ago, a lot of panel housing in the primary market were purchased for investment purposes. In recent years the proportion of the panel in the structure of housing supply in the secondary market rose from 12 to 20 percent," - he says. And Mr. Shevtsov added that the increase in the number offered for sale the most marketable one-bedroom apartments. Vain attempts to realize their vendors, according to our interlocutor, the best evidence of the depth of the crisis on the real estate market.

Favorites lower prices

According to market participants, the potential for further increasing the supply is not exhausted. In the foreseeable future the pace of decline in housing prices may increase. Ms. Teterina recalls that the approaching holidays in May, and then the summer holidays. Usually at this time the real estate market reached a lull. "And so not sold anything, but in the summer of crises could worsen", - believes Mr. Shevtsov. According to some experts, the market will quicken and it will be released pending demand only after the prices will fall by 25-30%.

Correction in prices primarily affect the most expensive segment of the market: panel housing the first period of mass construction. First of all one-bedroom apartments, which were most in demand, and hence more attractive to investors, in a period of increased cost. "In the long term decline in prices for such apartments can be up to 15 percent from current levels," - said the real estate market analyst Andrew Beketov.

A spokesman for the loan broker Fosborn Home "Yulia Polyakova says that is already falling housing prices, which is impossible to buy on credit: Apartment in Khrushev" and the nine-panel. According to experts, in terms of market saturation and intensification of price competition will decrease the liquidity of real estate, which is located in the least prestigious areas of the city, with poor transport access and poor infrastructure.

Questionable stabilizer

It is worth noting that, despite the expansion of the crisis, sales, employees of large rielterskih agencies continue to look to the future with optimism. "We expect that prices will resume in the second half", - predicts Mr. Lutskov of Miel. According to him, to keep Resale of a sharp drop in new buildings will help the market, which assigned the role of auxiliary engine. "In contrast to the secondary market at the primary level of housing supply has not changed. Moreover, in the beginning of the year recorded a slight increase in prices for new construction. In Moscow in the first quarter - by 5.4 per cent. In Moscow - 2,7 percent. Until end of the year we do not expect a substantial increase in supply in the primary market, so prices of new buildings can grow more, "- explains Mr. Lutsk.

The logic consultant, higher prices for new buildings designed to stimulate the activity of potential buyers of real estate in general, and convince them of the stability of the market. But most likely, these waiting in vain. Construction companies are also faced with lower demand and recognize that he has not spoiled by the attention of buyers. "Demand seems to be there, but once people get to know our prices, then they immediately disappear desire to buy something" - confesses one of the capital developers.

Many construction companies have already reduced prices under the mask seasonal discounts and installment. Mr. Kudryavtsev of MIAN - Real Estate Agency asserts that while he was aware of isolated cases of impairment in the primary market. He said that this sin is usually small companies that need a steady stream of living money. To raise funds, they begin to implement the object at the initial stage at a lower price. "For example, recently one of these companies have asked us for a price better than to launch a new facility to double the period to reduce the exposure of apartments," - says our interlocutor.

But it seems that the big players, too, can not stand the nerves and they are prepared to lower prices. At least one of these days the capital's well-known developer SU-155 has offered the employee "Expert" interested in their apartments have not yet built a house in Moscow, a discount of $ 125 thousand rubles of the cost of a two-bedroom apartment.