The number of finished apartments for sale in Russia decreased by 37% year-on-year, reaching the lowest level in the last five years. This is evidenced by research data of the federal company Etazhi, a copy of which is at the disposal of the editorial office of socialbites.ca.
According to the company’s general director Yulia Bocharnikova, many Russians have improved their living conditions in recent years thanks to affordable mortgage loans. Interest in housing purchases was high in 2023, especially due to the abolition of concessional interest rates in the primary market and the subsequent sharp rise in loan prices.
Last year, supply on the secondary market decreased every month except October, when it increased by 0.3%. The most significant decrease was seen in August and December, with 6.1% and 7%, respectively.
According to the predictions of Etazhi experts, the decrease in the supply of apartments will continue in the first quarter of 2024 and will reach 6%.
“Despite the decrease in demand and continued high mortgage rates under standard programs, the number of apartments for sale in the second quarter may increase by 12%,” Bocharnikova summarized.
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