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How the situation on the primary housing market will change: expert forecasts
Moscow, October 14, FederalPress. The primary real estate market in cities with a population of over one million is declining. In October, the average price per square meter of new buildings fell below 166 thousand rubles, down 0.2% compared to August. The decline was especially noticeable in Voronezh (-2.3%), Nizhny Novgorod (-1.9%) and Moscow (-1.5%). Such data was provided by Yevgeny Belokurov, Commercial Director of Yandex Real Estate.
After the cancellation of preferential mortgages, demand fell by 50% year-on-year. Banks are raising interest rates on deposits, and people prefer to transfer their savings on more favorable terms. Developers are in no hurry to bring new volumes to the market.
The market is full of hope. Clients are waiting for the distribution of limits on family mortgages, transaction schemes are changing, and banks can adjust the terms. Evgeny Belokurov predicts that the trend of stagnation of basic prices for real estate will continue until the Bank of Russia decides to change key interest rates and mortgage terms.
The developer may lower the price a little and offer special conditions, such as a pool discount on an apartment or the purchase of real estate with additional options as part of the mortgage payment.
The primary real estate market is stabilizing, prices are growing by 0.5% per month, but prices are not falling and are not growing exponentially, as was the case during the era of preferential mortgages. According to the forecast of Sbermarketing Commercial Director Evgeny Reshetnikov, prices will remain unchanged in November. As noted by Est-a-Tet Sales Director Roman Sokolov, prices from the start of sales to preparation for full construction may grow by 25-30%.
Experts believe that it is difficult to expect a price reduction, since operating profitability is falling. The Comfort and Business classes will feel this reduction, and the Premium and Elite classes will not see the need to reduce prices. In a conversation with Life.ru correspondents, experts noted that the price of a new building depends on the individual implementation plan, conditions and obligations to the bank.
Market participants believe that preferential mortgages have caused the growth of real estate prices in Russia. According to Vladimir Klimanov, a candidate of economic sciences, even if all preferential mortgage programs were curtailed, the reduction in housing prices would not be significant. The expert explained that although the end of issuing cheap mortgages may reduce inflation, this is only one of the factors reducing it.