Compared to January 2023, demand for second homes in Russia fell by 29%. socialbites.ca was told about this on Avito Real Estate.
The largest decrease in demand occurred in Chelyabinsk (-44%), Moscow (-43%) and Saratov (-42%). The situation on the secondary market is at least in St. It changed in St. Petersburg (-7%).
Sergei Eremkin, director of secondary and suburban real estate at Avito Real Estate, says that the main reason for the decline in demand in the secondary housing market compared to a year ago is expensive mortgages. During the year, the key interest rate of the Central Bank of the Russian Federation increased from 7.5% to 16%, and this was followed by an increase in loan interest rates. He noted that in such a situation, many people choose to rent housing or look at options in the new building market where preferential programs are available.
The supply of secondary apartments also decreased during the year. The largest decrease was recorded in Kazan (-36%), Moscow (-29%) and Nizhny Novgorod (-36%). On the other hand, the number of apartments available for purchase in old stock in Krasnodar and Novosibirsk, on the contrary, increased by 9% and 7% respectively.
Eremkin said the decline in supply is due to many liquid and small property owners starting to rent them instead of selling them.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.