Increased demand for new buildings by 10-14% expected following Krasnodar airport's opening, according to local developers
In the bustling city of Krasnodar, Russia, a significant shift in the real estate market is underway. The reopening of the Krasnodar Airport on September 17, 2022, after a three-and-a-half-year hiatus, has sparked a surge in demand for new builds, according to various experts.
As reported by the "RIA Real Estate" portal, all experts predict an increase in demand for new builds following the airport's reopening. This increase could reach around 14% within a year, according to Dogma. AVA Group expects the rise to be even more substantial, with new builds in Krasnodar predicted to increase by 15%.
The airport's reopening is expected to contribute to this increase in demand. City experts believe unsold stock will start selling quickly following the airport reopening, as residents and visitors alike assess the convenience of flights and establish routes.
However, this increase in demand is predicted to be a short-term spike, limited to meeting pent-up demand, as stated by Metria. They expect a 10% increase in demand for new homes by the end of the year.
Despite this surge, there is no information available on the number of planned new buildings in Krasnodar after the airport reopening. The need for the market and consumers to adjust logistics and assess the convenience of flights may take some time to materialise into new construction projects.
Interestingly, Krasnodar has entered the top 5 cities where residents save the longest for a mortgage down payment, taking over two years, according to Yuga.ru. This could indicate a strong market for new builds, as potential buyers save to secure their dream homes.
However, the high central bank key rate (17%) may deter some developers from initiating new projects, as suggested by Tochka. Despite this, the overall outlook for the Krasnodar real estate market remains optimistic, with experts predicting a decrease in unsold project stock in the near future.
The "RIA Real Estate" portal surveyed developers following the airport reopening, and the consensus is clear: the demand for new builds in Krasnodar is on the rise, and the airport's reopening is a significant catalyst for this change. As the city continues to grow and develop, the real estate market will undoubtedly follow suit.
