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Penza no longer in top 10 cities with lowest apartment prices

12:59 | 14.12.2015 | Economy

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Penza, 14 December 2015. PenzaNews. Penza is no longer among the top 10 of Russian cities with the lowest prices for apartments, according to the rating by the website “Mir Kvartir” published on Monday, December 14.

Penza no longer in top 10 cities with lowest apartment prices

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The list was compiled using an analysis of primary and secondary housing market prices, the rating notes say.

According to the results, the cheapest flats, just like a year ago, are in Magnitogorsk – with an average of 31,588 rubles per square meter of housing, which is 6.1% cheaper than in the end of 2014.

Other cities in the top 10 in affordability are Bryansk, Novokuznetsk, Makhachkala, Stavropol, Nizhny Tagil, Saratov, Orel, Ulan-Ude and Kursk, with prices per square meter ranging from 37,190 to 43,939 rubles respectively.

Currently, the average price of a square meter of housing in Penza is 48,419 rubles. Because of that, the city, just like Izhevsk, Astrakhan, Ulyanovsk and Chelyabinsk, left the top 10.

“Izhevsk and Astrakhan left the ‘Cheapest Ten’ because the average price of a square meter of housing in these cities increased by 10% and by 4.8%, respectively. At the same time, the prices in Penza remained nearly the same (+0.2%), and decreased in Ulyanovsk (–1.2%) and Chelyabinsk (–8%). Nevertheless, these cities left the rating as well since their ‘competitors’ dropped the prices even lower,” Pavel Lutsenko, general director of “Mir Kvartir,” told PenzaNews agency.

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