In July 2024, demand for real estate improved, but still remained sluggish compared to 4M24. As a result of weakened demand, price growth decelerated - Jul-24 was the first month when prices remained completely flat m/m, since the beginning of 2022. Sluggish demand also affected supply - in the June-July period, permit issuance decreased drastically by 58.2% y/y and 40.3% y/y, respectively. Permit issuance dynamics are likely to be maintained by end of 2024 as developers await until demand improves considerably.
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