In August 2024, demand for real estate continued to improve, but it still remains sluggish compared to the beginning of the year. Prices in August increased slightly by 0.3% m/m on the primary market, after remaining flat in July. Weakened demand is also affecting supply - over the past three months, the volume of permits issued for construction has decreased sharply, by 41.9% y/y. Permit issuance dynamics are likely to be maintained by end of 2024 as developers await until demand improves considerably.
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