RBC: Sales of new buildings in Moscow plummet by 40% after preferential mortgages were cancelled
Sales of new buildings in Moscow and the region have collapsed after the cancellation of mass preferential mortgages, experts report RBC.
According to the Dataflat service, in July, the first month after the cancellation of preferential mortgages, 10.9 thousand transactions with apartments and flats were registered in the Moscow region – 40 percent less than in June and 18 percent less than the same period in 2023. Similar data are provided by other companies.
Sales of new housing within the old city limits fell by 31 percent in a month and by 19 percent in a year. New buildings in New Moscow were purchased 41 percent less often in July than in June, and 12 percent less often than in July 2023. Demand fell most sharply in the Moscow Region — by 50 percent in a month and by 30 percent in a year.
At the same time, prices for new buildings in Moscow have increased. Over the month, the cost per square meter has increased by eight percent, over the year — by 15 percent. New housing has increased in price most noticeably in Old Moscow — by four percent over the month and by 17 percent year-on-year. In the Moscow Region, the growth was two percent and 12 percent, respectively. In New Moscow, the cost per square meter has decreased by one percent compared to June, but has increased by eight percent compared to July 2023.
Experts also note a reduction in the share of mortgage transactions. On average, in July in the Moscow region, the indicator fell by 12 percentage points, to 73 percent. Such dynamics are due to the decrease in the availability of mortgages. However, experts expect demand to grow. New buildings will be of interest mainly to clients who qualify for the family mortgage program.
Earlier, member of the Russian Guild of Realtors Konstantin Barsukov denied information that prices for secondary housing in Russia are falling.
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