In the last quarter of 2022, trends and plans for the next year in the real estate market are revealed. Developers plan to constantly launch new projects, stimulating sales that will bring a steady income in 2023-2024.
Despite the economic instability caused by inflation, which increased by more than 5%, which led to an increase in prices for building materials. The Monetary Policy Committee tends to constantly raise the discount rate. As a result, interest rates tend to increase in the last quarter of 2022 compared to the first 9 months of the year.
It is expected that in the new year, the number and total cost of projects will not be inferior to the indicators of 2022. While the data of 2022 exceeds the data of 2021 by almost two times. This is the result of the delay in the launch of projects in 2020-2021.
At the same time, housing prices are likely to increase by 5-8% in 2023 due to an increase in the value of land, after the revaluation, which will be announced on January 1, 2023. An increase of 5-8% compared to the 2018 estimate, which has been applied to the present.
Besides, the real estate market will be affected by the increase in prices for building materials, which have increased in accordance with the cost of production, which has increased due to the higher cost of energy.
This is an opportunity for developers to launch projects and marketing campaigns to increase sales in the last period of the year before the price increase. This is considered a great opportunity for investors to buy real estate at the original price.