There is a shortage of liquid apartments for purchase in Russia. The number of homes for sale has dropped record-breaking in the market, and the remaining options are mostly not the best.
Thus, in the secondary apartment market in September relative to June, the volume of supply in Krasnoyarsk decreased by 35.77%, in Volgograd – by 27.64%, in Saratov – by 32.25%, in Tyumen – by 20%, in Moscow – by 16%, in Ufa – 15%, in Novosibirsk and Yekaterinburg – 13%, said director of the federal company “Etazhi” Ildar Khusainov.
Now, most of the supply in the secondary market is housing with an old renovation, poor view from the window or next to noisy highways.
However, the choice is also narrowing in the market for new buildings. On average, the supply of primary housing in the country decreased by 10-15% compared to the beginning of the year, Ildar Khusainov said.
The demand for primary and secondary housing began to gain momentum after another cut in the key rate by the Central Bank – there was a shortage of liquid offers, a specialist told Izvestia. According to the Central Bank on September 1, 2020, the average mortgage rate in the country is now 7.17% per annum.
High demand and limited supply in the market are fueling prices. Growth may continue due to the extension of the term of the preferential mortgage program for new buildings and favorable rates on mortgages for secondary housing, said Dmitry Alekseev, head of primary real estate at Avito Real Estate.
In the next year and a half, the cost will continue to increase by 1.5-2% per month, the CEO of We Know Alexander Galitsyn predicted.
Read more in the exclusive material of Izvestia:
Demand for supply: the number of liquid housing has dropped record-breaking in Russia