Russians started selling their apartments more often to make money 11:17

The share of apartments purchased, renovated and resold by Russians reached 10% as of April 1, 2024. By the end of 2024, their share will increase to 38%. These statistics were given to socialbites.ca by the general director of the investment company on the real estate market “FLIP” Evgeny Shavnev.

As of April 1, 2023, the share of resold apartments in Russia was 6%, as of April 1, 2022 it was 5%, for the same dates of 2021 and 2020 it was up to 3% and 2%, respectively.

“Private real estate investors have become interested in flipping. Today, one in every five flats is purchased for investment purposes. The plan is quite simple: an investor finds an abandoned apartment without renovation in the secondary housing market (“grandmother’s option”), buys it, repairs it and offers it for sale again. The cost of such real estate is 10-15% higher than previously acquired ones,” explained Shavnev.

According to him, such flats are sold within 30 days on average. The expert believed that Flipping would develop due to its high market capacity and the inability of many citizens to access primary housing. He explained that the share of non-renovated apartments in the secondary real estate market is currently 20-30%, while approximately 60% of potential home buyers see new renovations and the ability to move in immediately without additional investment as the subject they desire.

According to statistics from the National Bureau of Credit Histories, every second potential mortgage borrower in Russia in 2024 received a rejection from the bank. BitRiver Communications Director Andrey Loboda did not rule out that the share of rejected mortgage applications will reach 60% by the end of the year. Why are banks tightening conditions and what should borrowers whose mortgage applications are rejected do? material “Newspapers.Ru”.

previously economist guess Increase in the percentage of mortgage rejections for Russians in June.

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Source: Gazeta

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