Even a weighty cessation of construction in the primary sector did not help, and the prices of second homes continued to fall. In March 2009 the cost per square meter in Pyatigorsk was 50 918 rubles., While the remaining cities, the price was lower by almost a decade. So in Essentuki it fell to 42 037 rubles. per square meter, while the same figure in Mineral Waters was equal to 36 756 rubles. However, as the practice – Spring Price was only beginning of the collapse of the market. And, despite the recovery of loans in some banks, the rates they also remained significant, and continued to fall rapidly.
So, Essentuki began in April with a stabilizing factor in the fall of 0.08% relative to the March figure, but by June the price has fallen to 39 940 thousand rubles. per square meter, which is 12% less than the pre-crisis value of October. At about the same position were Mineral Waters and Pyatigorsk, by June in which the price per square meter fell relative to the May 2.51% and 2.32% respectively. Such a reduction also contributed to the start of low season in the property market, when demand for housing falls annually, reducing the cost per square meter and in the secondary sector. And the drop in prices continued in the third decade of 2009 and in early summer if the cost of secondary apartments in Mineral Waters was 34 137 rubles.
per square meter area, by early autumn, the price dropped another 2000 rubles. Comparing the value of the property with similar figures for 2008, we can conclude that a square meter in the city fell to 9112 rubles. And this is a record figure for the region of the CMS who always had an enviable growth in prices for second homes. Also significantly cheaper apartment in Pyatigorsk and Essentuki apartment in which, among other resorts in the CMS has always been in demand population. Since the square meter of the secondary in Pyatigorsk fell to 10 238 rubles., but Essentuki “cheapened” the least of all – only to 7384 rubles. This variation in prices due to the fact that prices for apartments in Pyatigorsk always been somewhat overstated due to high demand, and crisis has forced the owners to lower prices to cost close to the market. A resort Essentuki continues to be built even in difficult economic times, that keeps the price increase for second homes. So way, with the beginning of the global crisis in the region, CMS began a sharp decline in property prices of secondary residences. This situation continued until the present day, and analysts said the stability in the sector CMS will return the economy is not soon.