Housing prices in Russia have risen more than the income of Russians, despite the effect of the preferential program for new buildings. This was expressed by Alexander Danilov, Director of the Banking Regulation and Analytics Department of the Bank of Russia, at the All-Russia Conference “Mortgage Lending in Russia”, transmits TASS.
“Housing prices have not only risen on their own, they have risen significantly more than the income of the population. And what is the result? At least, the affordability of housing is not increasing,” he said.
According to him, housing prices in the primary and secondary markets have diverged considerably. We are talking about the fact that in the secondary market “primary” housing has become much more expensive than housing.
He added that to buy an apartment in the primary market in 2019, it is necessary to save an average of six years. Already this figure has increased to eight years. That is, accessibility for the population began to decline. At the same time, new preferential programs began to appear, but their potential was virtually exhausted.
March 27, Russian Deputy Minister of Construction, Housing and Community Services Nikita Stasishin saidYou should not expect a decrease in the cost of housing per square meter in Russia. He pointed out that there will not be any decrease in housing prices because the cost of some building materials has increased, the price of project financing has also increased, sales rates have decreased, and the construction cost has decreased considering the declared quality of the projects. land and infrastructure.