The dependence of the primary housing market in Russia on mortgages has reached a critical level. The newspaper writes about this “News” regarding the federal wall materials factory “Winzer”.
According to the company, only 18% of transactions in the primary market are not related to mortgage loans. This poses significant risks for the construction sector, as any change in credit conditions could cause a sharp decline in demand.
“The suspension of subsidies for mortgage rates for the purchase of housing under construction could reduce demand to critical levels, at which point developers would be forced to reduce plans to launch new projects on the market,” said Vinzer director Denis Zhalnin.
The company notes that secondary and suburban real estate markets are more flexible, with 45% of finished apartments being purchased without debt, while in the suburban real estate segment this share reaches 62%.
Around 70% of flats in new buildings are bought with family mortgages. However, bank limits for this programme are running out and some major banks have already tightened issuance conditions, raising minimum down payment requirements to 50%.
Before this the Russians It has been saidAfter moving to new buildings, 53% said they felt a deterioration in their health: irritability, insomnia, headaches and fatigue.
Russians before accepted They need more money to be happy.
What are you thinking?
Source: Gazeta
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