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Why you shouldn't expect housing prices to fall, explained to Nizhny Novgorod residents
Russian housing prices are not falling after a significant increase in interest rates.
Despite the increase in interest rates and the cancellation of preferential mortgages, real estate prices in Russia do not even think of falling. Novye Izvestia found out why this is so.
Despite all the expectations of economists, citizens have recently begun to buy more houses, despite market mortgages at exorbitant interest rates. The rate of demand growth is estimated at 20-30%. Naturally, real estate prices will not fall in such a situation. In Moscow, the average price per square meter of a house has increased by 16%, while in the Moscow and Leningrad regions it has remained the same. Maria Volik, Director of Corporate Assessments at Expert RA, explained why one should not expect a decrease in real estate prices in the future. "The increase in prices for building materials and labor, current market rates for project financing, the possibility of a decrease in long-term demand and, as a result, the filling of escrow accounts - all this equally affects the developers' costs of financing," she explained. . Residents of Nizhny Novgorod began to receive mortgages at 35% per annum. This is not a joke. Top 10 developers: who builds houses in Nizhny Novgorod and how Nizhny Novgorod residents refuse housing at crazy prices: will there be discounts?