At a meeting with Irina Radchenko, President of the International Academy of Mortgage and Real Estate URA.RU He said that the completion of the preferential mortgage program will negatively affect demand and as a result, a deep recession is expected in the real estate market in 2023.
Previously reportedThe Bank of Russia favors the gradual abolition of subsidized mortgages as the construction industry becomes dependent on the “pin-like” program.
“The fact that there will be no preferential mortgages will adversely affect consumer demand. It is already fading, but here it will “screw” even more. A deep recession is expected,” Radchenko said.
He believes developers will have to lower prices. In addition, the analyst reminded the cyclicality of the real estate market.
“After any price boom, when prices rise 20% and this is unnatural, a recession follows. Salaries haven’t increased that much, so you need to cool it down,” he summed up.
Real estate market experts in early December reportedThe difficult economic situation may lead to the fact that there may be more cases where the commissioning of houses in Russia will be delayed by developers.