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And real estate prices are useless. According to the latest report from analysts at the Mir Kvartir portal, in the third quarter the price per square meter rose in 59 of the 70 largest Russian cities monitored by experts at the secondary market portal. And prices fell in only 10 cities. In the new-build market, prices per 70 square meters rose in 52 cities and fell in 18 cities.
On average, in all these cities, prices for secondary meters increased by 1.4% over a three-month period. New buildings – 1.6%.
According to experts, this is due to the slowdown in price growth due to a decrease in demand. Because in the first quarter, the secondary market was +2.9%, and in the second quarter +2%. The same applies to new buildings. In the first quarter, there were positive 3.6%, in the second - positive 2.4%.
"The lack of affordable mortgages has had a direct impact on prices for new buildings: in the third quarter, prices grew much less than in the second," explains the situation the general director of "World of Apartments" Pavel Lutsenko. - Over the last quarter, the supply on the average republican primary market grew by 31%, while new buildings remained unsold. Due to high interest rates, people prefer to keep their money in bank deposits rather than invest in real estate.
Only because of the deposit. In fact, the average mortgage rate for new buildings has already reached 23%, and for secondary homes - 22.3%.
According to analysts, this is why the prices for new buildings and secondary housing are becoming closer.
“New buildings no longer have the trump card of cheap mortgages,” says Pavel Lutsenko.
In fact, only since the beginning of the third quarter, large preferential mortgage programs offered specifically for the purchase of apartments in new buildings have begun to close and be curtailed one after another. The program for the construction of 8% of new buildings ended in July. Then the terms of family mortgages were revised, and mortgages in the IT sector were sharply reduced. As a result, most citizens now have to take out a cheaper mortgage for a new building, usually 20% or more, as when buying a second property. And in some areas, the gap in prices for new buildings has reached almost 30-40 percent.
But who is actually buying apartments these days at exorbitant prices and with ridiculously expensive mortgages?
- Currently, most analytical reports do not fully reflect the real situation on the market, since they only take into account delivery prices. But in reality, for example, in Moscow, it is almost impossible to sell anything on the secondary market without an average discount of 20% from this average market asking price. And the number of transactions themselves has also sharply decreased," Roman Vikhlyantsev, CEO of the Infinity brokerage company, told KP.RU. - Mortgage loans with rates already approaching 30% are mainly issued for amounts not exceeding one million rubles (for additional payments in replacement transactions - when one apartment is sold and another is bought with a more suitable one - Ed.). When it comes to new buildings, there is a feeling that developers are waiting for the government to somehow start saving them again. In the end, a sharp decline in this sector will actually drag down many industries, and until now this was considered a serious argument.