But now 2014 has arrived, and it is time to take a close look at the real estate market in Sochi: does it remain as attractive as before? Is it worth investing in real estate in Sochi? Will this real estate become more affordable?
Real estate market experts say that in Sochi the growth dynamics of prices will decrease, and residential real estate will become more affordable. A price collapse is not to be expected, but the appetites of sellers who justified inflated prices by the approaching Olympics will subside.
Investment activity after the 2014 Olympics will decline, and consequently, getting a mortgage for an apartment will become easier. This will allow ordinary buyers purchasing housing for themselves to participate more freely in the Sochi real estate market. Now Sochi real estate will become more affordable for a wide range of buyers.
Nevertheless, the investment prospects of putting money into the real estate of Russia's resort capital remain quite high. Despite the disappearance from investors' view of such a trump card as pre-Olympic hype, there remain other important factors ensuring stable demand for Sochi real estate:
• a resort area with attractive natural conditions;
• development of the region as an all-Russian health resort and vacation destination (including luxury);
• the presence of existing tourist and sports infrastructure.
Thanks to the Olympics, Sochi received a huge boost in development. Many new facilities of urban, tourist, and sports infrastructure have appeared in the city. The role of Sochi as a vacation destination for Russians is growing: new beaches appear every year, the hotel and restaurant business develops, new shopping centers are built. And, naturally, new residential developments are being erected.
In Sochi, on the Black Sea coast, many dream of buying an apartment. Some for permanent residence, some for summer vacations, some for rental income, some for preserving and increasing finances (sometimes the buyer's motivation combines several factors at once). Apartments in Sochi will continue to be a profitable investment even after the Olympics, showing a steady increase in value – perhaps not as high as in previous years, but stable, in line with the development of the region's tourist appeal.
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