Real estate prices in Russia have been rising in recent years, outpacing inflation, but a sharp increase in mortgage rates in 2022-2023 could lead to a decrease in demand and a slowdown in the further appreciation of apartments. The newspaper reports this “News”.
According to experts, if before the summer of 2023 the ratio of buyer interest in the secondary and primary markets was approximately 9 to 1, by the end of the year this ratio was equalized – approximately 60% for new buildings and 40% for secondary residences. .
“The average square meter price continues to increase in both segments. But this is due to the high demand in recent months when more affordable options are sold, which affects the average cost,” explained Alexey Popov, head of the CIAN analytical center.
He added that in the medium term, the price increase will be replaced by a recession due to the decrease in demand. At the same time, Popov believes that there is no point in talking about overstocking of housing under construction yet.
Banks reported that mortgage loan volume fell for the first time in a year in November. This will affect the cost of apartments in the future, according to Anastasia Deineko, a leading expert from S+Consulting.
“Developers are currently seeing a 2-4% reduction in the average bill for transactions. As a result, we should expect special offers for larger apartments to support demand by the end of the year,” predicts Deineko.
At the same time, according to forecasts, a record amount of new housing will come online in 2023 – approximately 100 million square meters. metre. This fact, combined with reduced demand due to the high costs of mortgages, can put significant pressure on prices in the real estate segment.
Previously at the Ministry of Finance said about plans to increase the down payment on a concessional mortgage.
former financier said About the consequences of the abolition of privileged mortgages in Russia.