In Russia, they predicted a 3-fold increase in the number of real estate exchange transactions
The share of exchange transactions in the Moscow region market in 2024 could triple. Analysts of the NDV Supermarket Real Estate company came to this conclusion. Lenta.ru reviewed the results of the study.
According to analysts, today the exchange accounts for a small share of the total number of transactions – from 3 to 5 percent. However, in 2024 the trend may change, and the demand for this format of purchasing real estate will increase to 15 percent, they believe.
It is noted that the market has already faced a similar situation in 2014-2015, when, following a sharp increase in the key rate, mortgage rates increased.
Some buyers choose to exchange housing with approximately the same square footage in order to move to a new location, while others are looking for an opportunity to increase their living space, the company reported. The fact is that high rates for secondary apartments do not allow everyone to purchase a lot using the standard method in order to meet the planned budget. As a result, buyers choose an alternative – they look for an owner who is ready to conduct a transaction in an exchange format. At the same time, when exchanging small-sized apartments for large-sized ones, an additional payment is most often required.
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The main difficulty of the exchange is due to the fact that on the secondary market it is almost impossible to find identical lots with a similar area, number of rooms, layout, renovation, nearby infrastructure, transport accessibility and other parameters. In addition, classified sites do not provide sections for buyers who want to exchange apartments, which complicates the selection.
“An exchange transaction is carried out under an exchange or purchase and sale agreement. Before its conclusion, it is important to check the owner’s documents, make sure there are no encumbrances on the apartment, and also evaluate the real benefits of the exchange, taking into account all the characteristics of the object,” commented Elena Mishchenko, head of the city real estate department at NDV Supermarket Real Estate.
Earlier, the vice-president of the Guild of Realtors, an expert on the real estate market, Konstantin Aprelev, advised Russians to postpone the purchase of an apartment using a market mortgage and wait for more favorable conditions.
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