In January-June 2024, Russians switched from buying housing on the secondary market with a mortgage to buying new buildings on credit, KEY CAPITAL General Director Olga Guseva told socialbites.ca.
According to him, the number of mortgages issued for the purchase of housing under construction increased by 28% in the first half of 2023, reaching 292.2 thousand. In the regions, except for Moscow and St. Petersburg, the growth is almost the same – +29%. The total amount of funds issued for the purchase of housing under construction increased by 32%.
At the same time, the number of housing loans issued for the purchase of a second home decreased by 22% compared to the previous year, reaching 468.6 thousand. The decline in demand was even more pronounced in the regions (-23%). The most significant decrease in the number of transactions made on the secondary market was observed in the North Caucasus and Siberian Federal Districts – by 69% and 60%, respectively.
“Mortgage rates for the purchase of second homes are not supported by the state and rising to 18-20 percent has collapsed demand in this market segment, forcing buyers to turn to the new building market. When an agreement is signed for joint participation in construction, shareholders can still get a mortgage at a discounted rate, which has set the trend,” Guseva explained.
Before that reported The number of mortgage transactions in Moscow has unexpectedly increased.
Previously It happened It is known where the most housing is built in Moscow.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.