In Russia, the average discount on the sale of a second apartment since the start of 2024 has hovered around 3%, a figure that has drawn attention as a record in recent market observations. This trend is highlighted in coverage by the federal real estate portal Etazhi and corroborated by national business news outlets. The ruling tone from market analysts points to a more measured negotiating climate among sellers, even as mortgage rates rise and borrowing costs tighten for buyers.
Analysts from Etazhi note that sellers are not rushing to slash prices. The slower pace of discounts persists despite higher mortgage rates, suggesting sellers prefer to hold firm rather than concede steep concessions in a market perceived as stable but selective in demand. The report aligns with a broader pattern across major urban centers where buyers show cautious interest, while sellers reserve their pricing power in expectation of continued mortgage-cost pressure.
Regional breakdowns reveal notable variance in discount levels. Samara leads with the largest average discount, reported at 9.1%, followed by Krasnodar at 8.8% and Kazan at 7.2%. In contrast, St. Petersburg and Moscow register more modest discounts of 6.1% and 5.3%, respectively. These disparities reflect differing local market dynamics, including supply levels, local demand, and the mix of new versus secondary inventory.
Looking back to the previous year, the data show more pronounced bargaining in January, when the average discount on the sale of second homes stood at 5.9%. The implication is that bargains remain possible even as buyers confront higher monthly payments tied to increased housing loan costs. For some buyers, securing a lower purchase price can help partially offset the higher overpayments triggered by rising loan rates. The ongoing negotiation room thus becomes a potential mitigator in a tightening financing environment.
At the end of 2023, monetary policy actions by the Central Bank of Russia pushed the key rate up by 100 basis points to 16% per year, marking the fifth consecutive increase. This move elevated mortgage rates across the banking sector, shaping the affordability landscape for borrowers seeking finished homes. By year-end, the typical range for second-home mortgages hovered around 16–17% annually. Industry observers noted that certain banks had already priced finished-apartment loans at 20% or higher, with some cases exceeding 25%. These lending conditions underscore the challenge for buyers and the importance of negotiating favorable terms where possible. (Source: Newspapers.Ru)
Public commentary on these trends includes input from policymakers involved in financial markets. Aksakov, who previously chaired the State Duma Committee on Financial Markets, has discussed proposals that would enable the central bank to influence mortgage issuance, a topic that resonates with stakeholders seeking to balance credit access with financial stability. The conversation reflects broader concerns about housing affordability and the role of credit in supporting sustainable homeownership growth. (Source: socialbites.ca)