Russians promised discounts on apartments

Realiste: the rise in mortgage rates will force developers to give buyers discounts on housing the secondary housing market, a decrease in the profitability of the rental business and an increase in the number of discount programs from developers. This opinion was expressed in an interview with RIA Novosti by the founder of Realiste, Alexey Galtsev.

If the preferential mortgage is not extended in 2022, primary housing “will be actively discounted with shares from developers,” the expert said. According to him, developers will be forced to stimulate demand by subsidizing mortgages, increasing payment terms, by providing deferrals and direct discounts. Already now in Moscow and the Moscow region they give a discount of 5-15 percent when buying an apartment from developers, Galtsev noted.

He promised that despite the growth in mortgage rates, in the coming months demand for housing in Russia will remain at today's level. “Real estate will continue to rise in price little by little, slowing down the pace,” the specialist predicted. “The level of demand will also build on the understanding that“ it won't be cheaper ”.”

Meanwhile, the profitability of renting apartments will decline, Galtsev warned. In Moscow, it already amounts to no more than 5 percent a year; in the future, this figure may reach 7.2 percent. But this is below the inflation rate, the expert said.

Earlier it was reported that by November 2021, the average mortgage term in Russia increased by 4.1 months, to a record 250.9 months. The average rate on housing loans in the country last month fell by 0.03 percentage points, to 7.7 percent, Central Bank analysts calculated.



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