The real estate market in Russia after July 1 will undergo serious changes due to the termination of the preferential mortgage program, but you should not count on a serious decrease in apartment costs. Konstantin Aprelev, founder and honorary member of the Russian Association of Realtors, said about this: transmits Pravda.Ru.
The expert noted that concessional mortgages account for approximately 40% of the share of all apartment purchases in the housing market under construction. In this regard, he believes that its cancellation will most likely lead to a significant decrease in the demand for such housing and a decrease in the volume of transactions. According to him, to support demand, developers will need to change the format of working with banks and expand the list of tools that will attract buyers.
“The most likely step the developers will take will be to sell the house in installments along with the rent, without interest or with a very small interest. Or, as an option, they will try to do the same thing that they did a few years ago: when they subsidized mortgage interest at their own expense, but did not reduce the cost of housing,” Aprelev admitted.
President of the International Mortgage and Real Estate Academy, Irina Radchenko, previously said spokethat banks will not be able to maintain a low 8 percent rate after the end of the concessional mortgage program, even if developers agree to subsidize the lost revenue.
Russians before appreciated Possibility to buy an apartment without credit.
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Source: Gazeta
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