2024 will start with stagnation in the capital’s secondary housing market. In an interview with RIAMO on this subject reported Ekaterina Nikitina, Vice President of the Moscow Association of Realtors. According to him, a 1% increase in the average mortgage rate leads to up to 5% of buyers leaving the market.
“The mortgage is of decisive importance for him (real estate market – socialbites.ca), with the help of which about 70% of total buying and selling transactions are concluded. After the interest rate was increased, it became very expensive and almost unaffordable for many Russians,” Nikitina noted.
He added that if the Central Bank of the Russian Federation increases the interest rate again, some of the potential buyers will leave the market and postpone the issue of buying apartments until the situation improves.
Before that Nikitina registeredIt is predicted that the socio-economic situation will have a significant impact on the capital’s real estate market in 2024.
The second factor, in his opinion, is the situation with mortgages, namely the level of the key rate of the Central Bank of the Russian Federation and the government’s decisions on preferential programs.
Former real estate agent guess Decrease in prices of secondary housing in Moscow in the first quarter of 2024.