By late 2022, the trend of direct housing swaps had surged, showing a fourfold increase from the prior year. This rise was reported by a major market publication that cited data from the INCOM-Nedvizhimost agency, underscoring a shift in housing strategies across households. Direct swaps refer to owners exchanging apartments with one another and sometimes making an additional payment to balance values. In markets where supply and pricing move swiftly, this approach provides a flexible path to improve living conditions without going through standard sale and purchase processes. Experts note that such swaps tend to become more common during economic stress or housing crises, a pattern seen in various years when the market faced turbulence.
Industry observers explain that, historically, these exchanges have served as an informal mechanism for change in living conditions, especially before the housing market developed more formal channels. Sergei Shloma, who leads the Secondary Market division at a prominent real estate company, highlights that many households used direct swaps as a practical option to upgrade or adjust their living situation when other routes were less accessible. He points out that crises tend to accelerate the use of this strategy, with notable episodes in the late 1980s, the global financial crisis period, and later economic tensions creating similar demand for flexible transfers.
Legal experts have weighed in on terminology, suggesting that the correct label is often an exchange rather than a swap in some contexts. Maria Spiridonova, a member of the Russian Bar Association, notes that the distinction matters because it reflects differences in property privatization status. While non-privatized units can be part of such plans, the formal terminology and coordination requirements can complicate execution. This nuance helps explain why exchange activity may be steadier in some segments and slower in others, depending on ownership structures and regulatory conditions.
On the mortgage front, industry sources indicated a notable shift as well. A deputy head of a well-known mortgage division observed that interest in family-backed financing had already shown momentum from the start of 2023. The trend of rising demand followed a modest share of inquiries in late 2022, with the proportion growing from roughly half to nearly three-quarters within a couple of months. This uptick suggests households are re-evaluating financing options to support housing transitions, whether through swaps, exchanges, or traditional purchases.
Simultaneously, policymakers discussed risks associated with borrowing patterns. A state Duma deputy warned about the potential for a mortgage-related bubble if lending growth continues unchecked. The discussion reflects a broader concern about the interplay between demand for housing, credit availability, and price stability. Observers emphasize the importance of prudent underwriting practices, clear contractual terms for exchanges, and transparent pricing to ensure that these arrangements remain a viable part of the market without amplifying risk.