Demand on the Moscow new building market slowed down in February 2024 – the number of registered equity participation agreements decreased by 10% compared to January this year. The newspaper writes about this “News” according to data from real estate company Metrium and Rosreestr.
In February, 4.8 thousand agreements were signed for participation in share housing construction, which was the worst indicator for the Moscow market since 2017. Compared to February 2023, demand also decreased by 10%.
“The decrease in demand may be associated with cuts to the preferential mortgage program at the end of 2023. The maximum loan size has been reduced to 6 million rubles, which makes it unattractive for most buyers given Moscow’s price realities,” explained Dmitry Golev, commercial director of Optima Development.
Difficulties in obtaining concessional loans at the beginning of the year due to disagreements between banks and developers over the conditions for granting subsidized mortgages also had a negative impact.
At the same time, the number of transactions in the finished housing market increased by 43% compared to January. A total of 10.7 thousand apartment purchase and sale agreements were registered in Moscow.
“The decrease in loans to shareholders and the growth in the secondary market are associated with buyers’ search for ready-made new buildings due to high mortgage rates for second homes,” said Ruslan Syrtsov, general director of Metrium.
Analysts before this said About trends in the mortgage market in Russia.
Previously grew up in Moscow sue for some type of real estate transaction.