The supply of second homes in the Russian Federation has decreased by 20 percent and reached its minimum level in the last two years. This was “reported by”vedomosti”
At the beginning of December 2023, the housing supply in the secondary market amounted to 651.6 thousand apartments, at the beginning of December 2022 it was 788.5 thousand apartments, and in the same period in 2021 it was 844 thousand apartments. Moreover, if we take into account the market in small cities, the difference is even more obvious; The number of flats offered for sale by property owners decreased from 1.3 million to 1.08 million during the year.
The reason why Russians are less likely to sell their existing homes is the increase in mortgage interest rates. At the same time, experts predict a decrease in the demand for second homes in 2024 due to the decrease in new home prices due to rising mortgage rates.
Share of mortgage transactions in the secondary market before this fallen at least one year.
Previous experts in the name The reason for the rise in prices in the secondary housing market.