Dom.RF chairman Vitaly Mutko said that prices for new buildings in Russia may stop increasing in 2024 and prices for second homes may decline. He talked about this in an interview with the TV channel. “Russia 24”.
According to him, forecasts need to be based on the current economic reality, taking into account that the widespread influence of preferential mortgages has ended and the Cabinet of Ministers of the Russian Federation plans to expand family mortgages.
According to him, in such a situation, demand will decrease slightly and housing prices may decrease in the secondary market, while prices in the primary market will stabilize and growth will remain limited.
Konstantin Aprelev, formerly Vice President of the Russian Association of Realtors saidIt is stated that the possible decision of the Russian government to cancel the mass issuance of concessional mortgages for new buildings and expand the program only in regions with low demand after July 1, 2024 is correct.
Earlier, Russian Deputy Prime Minister Marat Khusnullin said that authorities are working on alternative mechanisms to mortgages to increase housing affordability in Russia.
Previously in Russia accepted decrease in mortgage issuance volumes.