The increase in the cost of housing in new buildings in Russia and the increase in the difference between prices per square meter in the primary and secondary real estate markets are determined by objective reasons. Deputy Prime Minister of the Russian Federation Marat Khusnullin told journalists about this.
“The distinction between primary and secondary residences should be mandatory. Why do we think old housing should cost the same as new housing? “In fact, our construction costs have increased for objective reasons, but we support this growth by providing mortgage assistance, among other things,” he emphasized.
Khusnullin highlighted the exchange rate, as well as the increase in the costs of labor, energy, financial services and construction materials, among the factors causing new building prices to increase.
“The cost of financial services for each new square meter varies between 5 percent and 15 percent,” said the Deputy Prime Minister.
He added that infrastructure creation costs are also included in the square meter price.
Alexander Danilov, Head of the Banking Regulatory and Analytical Department of the Central Bank of the Russian Federation, said on November 29 that recently the difference between housing prices in the primary market and the secondary market has become especially noticeable. Danilov noted that just a few years ago prices in the primary market were 10-15% higher than in the secondary market, but now the difference is already 40%. The head of the department concluded that the overestimation was around 20-25%.
According to the regulator, the difference in the cost of housing in the primary and secondary markets indicates overheating in the mortgage market. What could this lead to? material “Newspapers.Ru”.
Previously in Russia guess Crisis in the real estate sector.