If the Central Bank of Russia keeps the interest rate at the same level until March, real estate prices in Russia will begin to fall. About this topic on the radio station “Moscow Speaks” said Konstantin Barsukov, member of the Russian Association of Realtors.
He explained that if the interest rate drops to 10% or lower, apartment prices will increase. According to him, this will happen because the real estate market has not yet had time to be flooded with supply.
“Today is a unique situation where demand and supply are low. Our prices are too high <...>. From an economic and market perspective, this is a reasonable price. This is where we are today, so it is generally impossible to say that prices will fall until the market is flooded with supply. Such a high interest rate needs to last until March to flood the market,” Barsukov said.
At the end of October, Deputy Head of Russian Support, Head of Construction, Housing and Utilities Evgeniy Shlemenkov. aforementionedHe said that demand for mortgages in Russia will begin to decline in the near future and that this situation will last at least until the spring of next year. However, he noted that housing prices will not decrease.
Russians before saidHow to lower your mortgage rate?
Source: Gazeta
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