The real estate market in Russia began to look like an investment market as the dynamics began to depend on current news. Moreover, even if the news does not directly affect the situation, addiction is observed. This was reported in a study by analysts of the TYMY agency sales automation platform (available on socialbites.ca).
Today, loans with 15% or less down payment in the structure of mortgage transactions do not exceed 1-2%. Thus, although the changes did not directly affect the situation, the real estate market, where the dynamics of transactions largely depend on the news, began to have more in common with investment instruments.
Platform analysts pointed out that another sign of housing loans starting to look like an investment tool is the growth in loan terms. For example, more than half (52%) of transactions made through the platform are 30-year mortgages. At the same time, such loans were rare due to their rather high rates.
According to Alexey Maistrenko, CEO of the platform, after 30-year loan rates were equalized to the same 15- and 20-year products, potential borrowers likely began to view them as substitutes for long-term and savings deposits. . Given the fact that there are fewer options to invest within the country, such transactions are a driving force for the real estate market.
July 4 Ksenia Yudaeva, First Deputy Governor of the Central Bank stated30-year mortgage issuance is not common in Russia.
Previously reportedThat the Central Bank had discovered the spread of risky mortgage programs in Russia.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.