Mortgage demand in the Russian new building market in the January-September period of this year decreased by 60% compared to the same period last year. I told you this TASS Deputy Head of the Mortgage Department of the federal company “Etazhi” Tatyana Reshetnikova.
“The demand for mortgage loans for the purchase of primary housing in Russia dropped to 50-60 percent compared to the same period last year. “At the same time, no miracle happened in the first weeks of October and demand continues to fall,” he said.
According to a study by a federal company, over the nine months of this year, among the largest cities in Russia, the average number of mortgage transactions in the primary market decreased most noticeably in Moscow (-60%). This was followed by Krasnodar with -49%, Perm with -37%, Chelyabinsk and St. Petersburg with -31%. Petersburg follows.
As Reshetnikova notes, this dynamic is associated with a decrease in the availability of mortgage loans, since the restriction of preferential programs led to a decrease in their availability for potential buyers. According to a TASS interlocutor, only those who cannot postpone the purchase for any reason are ready to buy real estate at market price.
Before that Anatoly Pysin, General Director of the Central Real Estate Department statedPrices for new buildings in Moscow will fall by another 5-10% of current supply by the end of the year, he said.
Previously found The cheapest apartment in new buildings in Moscow.