Russian real estate market overheated due to widespread use of concessional mortgages RIA News with reference to experts.
According to Vitaly Kostyukevich, director of the retail products department at Absolut Bank, one of the signs of overheating of the real estate market is the rapid growth of housing prices in the primary market relative to the secondary market, as preferential mortgages are issued. Purchasing flats in new buildings.
Tatyana Polidi, Vice President of the Foundation of the Institute of Urban Economics, explained that for a long time the prices of apartments in new buildings have been lower than the prices of secondary buildings, since new houses are often built in remote areas and secondary buildings are located in out-of-town areas. We developed the infrastructure.
“Due to the significant difference in interest rates in preferential and special mortgage programs, especially after the key rate increase, demand has shifted in favor of new buildings and their prices are increasing at a record pace,” Kostyukevich added.
Real estate market expert Konstantin Barsukov, formerly a member of the Russian Association of Realtors aforementionedIt was stated that Russian developers will continue to reduce the size of apartments to hide their increasing costs.
Previously Mishustin in the name Avoid excessive optimism.