The demand for purchasing small apartments with a mortgage in Russia decreased by 1.5 times compared to the spring of 2023. He said the reason for this was the abolition of concessional loans and rising housing prices. NSN Irina Radchenko, Vice President of the Mortgage Academy.
Developers will continue to market “detached houses” with an area of less than 28 square meters. m, but this format is losing popularity due to high loan rates. In January 2024, only one in three mortgage applications were approved. The expert emphasized that most borrowers will spend approximately 80% of their income on payments in 2023 and that this is a systemic risk.
“Abolishing concessional mortgages is a balanced decision, it was time to do it. Can you imagine how much money is needed from citizens’ taxes to cover the banks’ losses? The support helped the developers get fat, but the antibiotic was not canceled in time; now it has more side effects than effectiveness,” Radchenko said.
He added that no decrease in housing prices is expected in Russia yet due to high inflation, and 84 percent of the houses were built with project financing. The overall demand for apartments is falling due to inadequate mortgage rates.
Before this it was known how changed The average area of u200bu200bthe “primary” building in Moscow in five years.
Previously Moscow officials announced Refusal to build studio apartments with an area of less than 28 square meters. M.