Moreover the cost per square meter of housing grew annually by 10-12%. And by October 2008 average price per square meter on the secondary real estate market has reached 54 793 rubles. Pyatigorsk and 45 417 rubles. and 41 406 rubles. in Yessentuki and Mineral Waters respectively. However, the fall of 2008 shook the country and the world economic crisis.
And so it began with the collapse of the real estate market in the U.S., first crisis hit the sector of residential and commercial real estate in each region of the country. AND by December, apartment prices in the secondary housing CMS began to fall sharply, reaching 38 973 rubles. per square meter of mineral waters and 52 461 rubles. per square meter in Pyatigorsk. This low figure in Mineral Waters explained by the fact that the city in the region is less popular than other resort centers. But the smallest decline in home prices, less than 2% relative to the October index was observed in Essentuki and driven by high demand for residential real estate city. But in January 2009 and caught up with the rest of Essentuki CMS on falling housing prices, and falling relative to the index in October 2008 there was 5.2%.
Reducing the cost of flats on the secondary housing market continued in other cities in the region. Reduction in the work or its complete loss, and consequently, insolvency invariably led to a decrease in housing demand and a decrease in enrollment mortgages. Also on the property market and has influenced policy banks, which are either completely stopped or mortgage lending have significantly increased interest rates, making borrowing more completely inaccessible to proportion of the population.