There is a strong decline in demand for mortgages in Russia, which is associated with more difficult conditions (lower loan amount and increased down payment). The cost per square meter has almost doubled, interest in purchasing real estate has decreased, said Irina Radchenko, vice president of the International Mortgage and Real Estate Academy. Buying an apartment as an investment or to rent later has also become unprofitable, because it will only pay off after many years, explained Speech expert with NSN.
“It is clear that you will have to deal with repairs, and it is not a fact that this housing can be sold later, prices may not increase much. Renting is also unprofitable – the four percent profitability of renting inspires few people. You will be very lucky if the apartment suffers a loss in 16 years,” Radchenko explained. “Keeping money in deposit is also far from the best option; devaluation and inflation could turn your millions into dust.”
The expert added that it makes sense to buy an apartment not for investment purposes, but if there is a need to expand your living conditions, for example, while the children are growing up.
He linked the tightening of mortgage conditions to the desire to cool the market. Therefore, Moscow, Moscow region, St. In the St. Petersburg and Leningrad regions, the loan size was reduced from 12 million rubles to 6 million rubles, and the down payment was increased from 20 percent to 30 percent. At the same time, banks tightened their conditions for borrowers, and housing became less affordable as a result.
Let us remind you that Russian Deputy Prime Minister Marat Khusnullin promiseBy April, Russia will develop proposals for the development of mortgages. reported Moreover, the demand for privileged mortgages is mostly in Moscow and St. Petersburg and the Krasnodar Territory – these three regions suffered the most from the tightening of the state program.
Russians before listed Three reasons why a bank may reject a mortgage.