Raising the key rate is generally expected to cool demand for secondary flats, but it does not automatically dampen interest in new construction. This assessment was discussed with AiF by market analysts who monitor housing trends across major cities. Alexei Zabotkin, the Deputy Chairman of the Central Bank of the Russian Federation, spoke about the potential for a September increase in the key rate, outlining how such a move could ripple through mortgage pricing and buyer sentiment without dramatically curbing the appetite for fresh housing projects.
Experts explained that higher key rates typically lead to higher mortgage costs. That dynamic tends to cool overall demand for real estate in Russia, with the secondary market feeling the first effects due to its reliance on financing tied to existing properties. Natalya Pereskokova, a veteran in the field, noted that demand for finished goods may see a modest decline if borrowing becomes more expensive. Today’s mortgage rates hover in the vicinity of 12 percent per year, she pointed out, underscoring how sensitive buyers are to financing costs even when property prices remain stable.
Elena Nedospasova, founder of the Inzhener network of real estate agents, observed that the new building segment is tightening as developers cut bids in response to shifting market signals. Yet she remains confident that after regulatory actions take full effect, demand for new housing is unlikely to vanish. Developers may slow the pace of new projects, but the fundamental appeal of modern, ready-to-live homes continues to attract buyers who seek quality, energy efficiency, and convenient locations.
Industry voices emphasize that many buyers do not fully grasp their long term financial commitments. The monthly payment is the decisive factor for most households. If a compelling offer arises, such as a mortgage option tied to a fixed slice or a ruble-based product, the rate level may become less intimidating. In real-world terms, the pattern often mirrors earlier rate cycles: a brief dip in activity for one or two months, followed by a renewed surge in transactions as buyers re-evaluate affordability and lenders adjust terms in response to market needs.
At present, the key interest rate stands at 8.5 percent per annum. A recent move by the regulator increased rates by 100 basis points, triggering a corresponding shift in mortgage pricing at major banks. This immediate reaction underscores the tight coupling between monetary policy decisions and borrowing costs, and it helps explain why monthly payments can stretch timelines for some buyers while remaining attractive to others who perceive long term value in new construction and improved living conditions. In such a climate, market watchers continue to monitor how lenders balance risk, borrower capacity, and the allure of fresh housing options for a broad spectrum of buyers.