This year Russians are showing unprecedented interest in buying summer houses; Demand for them increased by 31% compared to the same period last year. The newspaper writes about this “News” Referring to the data of the Etazhi company.
“If at the beginning of the year we observed an explosive increase in the demand for land for individual housing construction, since April there has been a sharp increase in interest in the purchase of summer houses and plots in gardening associations. Moreover, near major cities, the most affordable offers were sold out literally in a few days,” said Anton Saukov, head of the country’s real estate center of the Etazhi company.
According to the expert, the main factors for such a rapid increase in cottage activity were the shortage of supply in the segment of individual housing construction, as well as the emergence of the opportunity to purchase suburban properties under concessional mortgage programs. Among the main categories of buyers he identified families with children, private investors and those who plan to build country houses as an alternative to city apartments.
First of all, according to his observations, the most affordable offers are sold out, including plots of land requiring infill or dilapidated buildings for demolition. As a result, in some particularly popular regions, the average cost of summer cottages during the year has increased by 1.5-2 times, as all budget options have been exhausted. According to the expert, some of them were bought by investors who are now reselling them at a profit of 25-30%.
“We expect that the peak demand for suburban real estate in 2023 has not yet been exceeded and could increase by another 15-20 percent. This will be facilitated, in particular, by the risk of restrictions on concessional mortgage programs, which now allow the purchase of summer houses at record low rates and obtaining loans for the construction of individual houses,” concluded Saukov.
Before that the secondary housing market in Russia affected to stagnation.
Former construction specialist said How to choose the right plot for a summer house.
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Source: Gazeta
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