Today, a downward trend in the demand for secondary housing in Moscow is already visible. In an interview with RIAMO on this subject said Ekaterina Nikitina, head of real estate agency “PRO OBMEN”. According to him, since the beginning of the year a phase of stagnation has gradually begun in the capital’s secondary housing market.
“Demand is starting to fall, despite high mortgage rates that many residents of the capital cannot afford. “For example, in our agency, there was a 20 percent decrease in the number of transactions and advances at the end of January compared to the first month of 2023,” he said.
According to their forecasts, in the coming months the average duration of apartment sales in the Moscow secondary market may increase to the levels of March-April 2023, when it took 70-72 days to sell a property.
According to Konstantin Aprelev, deputy chairman of the Association of Realtors, if the current key interest rate of the Central Bank is maintained in Russia, then by the beginning of autumn the cost of housing in the secondary market may increase to reject on average 5-10%. The expert explained that this will happen in an environment where there is a sharp decline in demand due to high interest rates.
Russians before named Four ways to save on rent.