While raising the key rate will cool the demand for secondary flats, it will also not lower the demand for new buildings. Such an estimate was given by real estate market experts to the newspaper AiF. expression Alexei Zabotkin, Deputy Chairman of the Central Bank of the Russian Federation, on a possible increase in the key rate in September.
They explained that an increase in the key rate would lead to an increase in mortgage rates, which would somewhat cool Russian demand for real estate, but primarily for secondary property. A real estate expert, Natalya Pereskokova, said that there is a possible decrease in demand for finished products. Rates on the market right now are high, about 12% per year, she explained.
Elena Nedospasova, founder of the Inzhener network of real estate agents, says that the new building market is shrinking due to the decline in developers’ bids, but after the regulator’s decision, the demand for new housing will not change.
“Eight out of ten people don’t understand how much credit they’re taking. Whether they can afford the monthly payment is important to them. And if there is an interesting offer – for example, a mortgage for a slice or “mortgage for rubles” – then the size of the rate will not scare you. Most likely, it will be the same as in previous periods of Central Bank rate hikes: demand will decrease a little for a month or two, and then a new wave of transactions will begin, ”said the expert.
Now the key interest rate is 8.5% per annum. On July 21, the regulator immediately raised 100 basis points, after which mortgage rates at large Russian banks began to rise.
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