Best-Novostroy considered the onset of a crisis on the real estate market in Russia unlikely 
Russia may face a catastrophe. Such a scenario may become a reality if incomes of the population fall in the country, key and mortgage rates rise to critical values, in addition, the risk of ruble devaluation will play an important role. This was reported by RIA Novosti.
Investment Director of Trinfiko Artem Tsogoev recalled that the last time the domestic housing market was in a state close to catastrophic in 2008-2009 amid the onset of the global financial crisis. For the situation to repeat itself in the Russian economy, several related events must occur, he pointed out.
Listing the conditions, Tsogoyev mentioned a sharp drop in commodity prices with a simultaneous rise in the key rate, and the situation could be aggravated by massive reductions and rising unemployment … “Everything in aggregate can hit the country's economy, bring down the effective demand for real estate,” he concluded.
The Chairman of the Board of Directors of Best-Novostroy Irina Dobrokhotova pointed out that the systemic crisis in the real estate market is always associated with a drop in demand , and this, in turn, is caused by a shortage of paying customers. “There will be a large share of cheap supply, but there will be no one to buy it and nothing for. A vicious circle is being created, “she said and at the same time clarified that such a situation has never occurred in Russia and is unlikely in the future.
Earlier in November, the Central Bank of Russia (CB) predicted a decline in demand for mortgage loans and real estate in the coming months. According to the regulator, interest in real estate and mortgages will slowly decline and reach a level at which there will be no imbalance between supply and demand.