The record growth in the number of mortgage loans and the price of new buildings does not yet threaten the Russian real estate market with the formation of a credit “bubble” in the style of the 2008 American crisis. However, there are already some signs of “overheating” in the country, including risks of a further increase in the share of arrears in mortgages. informs Forbes citing the results of a survey of market participants.
“According to the results of the third quarter of 2022, the real income of the population in Russia decreased by 3.4 percent on an annual basis. Although the overall debt burden at the end of the year has not increased significantly, Russians are increasingly starting to apply to banks for new loans to pay off their old debt, the proportion of second or third borrowers Ruslan Sukhiy from Rentaveda said.
With the current real income level of the population, there is a risk that most citizens will go to the secondary housing segment, where prices are lower than in the primary market. “Cyan.Analytics” expert Victoria Kiryukhina explained that this factor can affect the risk formation for the new buildings segment.
“If prices remain as they are now, then without an increase in the real incomes of the population, demand will partially go to the secondary housing segment with the removal of mortgage subsidy programs,” he concluded.
January 24, RBC, referring to the press service of the Moscow Rosreestr Department knowledgeableThat at the end of 2022, only 108.4 thousand mortgage transactions were registered on the primary and secondary real estate markets in Moscow. This figure was 15.1% less than the absolute record of 127.6 thousand people in 2021.
Source: Gazeta
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