As the Russian regions left the self-isolation regime, the demand for real estate purchases began to grow noticeably. In May 2020, the number of requests from Russians for the purchase of apartments increased by 34.3%, and in June the indicator added another 13.7%. Representatives of Avito Real Estate told RT about this.
“In July, there was also a positive trend. Moscow and St. Petersburg were the leaders in terms of growth in interest in buying housing last month. Compared to June, demand increased by 32.3% and 29.9%, respectively, "said Dmitry Alekseev, head of primary real estate at the company, in a conversation with RT.
According to the expert, Russians most often requested data on one-room and two-room apartments. So, in the period from May to July, the demand for these categories increased by 36.5% and 35.2%, respectively. To a lesser extent, buyers were interested in open-plan objects and studios.
The explosive growth in the number of real estate transactions is also recorded by representatives of the elite real estate agency Knight Frank. As RT was told in the organization, currently the volume of sales is comparable to that in the first quarter of 2020, when the COVID-19 pandemic had not yet begun in Russia.
The growing number of real estate transactions is due to the lifting of quarantine restrictions. In conditions of self-isolation, some of the customers decided to postpone the purchase, because they did not know how long the non-working days would last, says Andrey Rusetsky, asset manager of BCS.
“During the lockdown period, the Russians lost the ability to view lots live, which led to a drop in sales. Now they can make a deal directly in the office, rather than online, which contributed to the implementation of deferred demand. At the same time, the growth in activity is associated with a decrease in rates on bank deposits: customers prefer to transfer money to buy an apartment, rather than continue to keep funds on deposits, "said the interlocutor of RT.
Analysts also link the positive dynamics in the Russian real estate market with the launch of a concessional lending program at 6.5% per annum. Recall that until November 1, 2020, mortgage loans can be provided to Russians with an appropriate rate of up to 6 million rubles, and in Moscow, the Moscow region, St. Petersburg and the Leningrad region - up to 12 million rubles.
“More than a third of mortgage loans were given by projects with state participation. At the same time, subsidized programs have made it possible to provide housing for regional consumers. In the second quarter, the share of regions in the issuance of mortgages for new buildings for the first time in history reached 76.5%. In just seven months of 2020, Russians received loans in the amount of 1.78 trillion rubles, which is 20% more than in the same period last year. According to our forecasts, by the end of the year, about 1.2 million housing loans will be issued in the amount of more than 3 trillion rubles, "DOM.RF specialists said in an interview with RT.
Meanwhile, new measures to support young families have become an additional driver of the growth of citizens' interest in buying their own real estate. This opinion was expressed in an interview with RT by the vice president of the International Academy of Mortgage and Real Estate Irina Radchenko.
Recall that in early 2020, the authorities expanded the maternity capital program. So, from January 1, families received the right to payment of 466 thousand rubles upon the appearance of their first child, and payments for the birth or adoption of a second child were increased to 616 thousand rubles.
“Experience has shown that Russians can quickly and without bureaucracy spend their mother capital on the first installment on a mortgage. Also, at the birth of a third child, the authorities extinguish 450 thousand rubles of her mortgage for the family. It turns out that a family with three children can, with the help of the state, invest over 1 million rubles in the purchase of an apartment. For this money, in some regions you can buy a full-fledged apartment, ”the expert emphasized.
- A couple inspects their apartment in a new residential building on Levoberezhnaya Street in Moscow
- RIA News
- © Alexey Filippov
At the same time, the growing demand may have a certain impact on the value of real estate, analysts stressed. According to Avito Real Estate, in Moscow the average price per square meter from June to July increased by 8.5% (up to 209 thousand rubles), in St. Petersburg - by 6.6% (121.9 thousand rubles), and in Sochi, the indicator grew immediately by 14.1% (116.4 thousand rubles).
“After the abolition of quarantine, developers have raised prices for finished housing in major cities of Russia. They did this in an attempt to capitalize on the growing demand against the backdrop of the launch of mortgages at 6.5%. But by the end of the year, the excitement will somewhat subside and prices per square meter may decrease by 5-8%, ”says Irina Radchenko.
At the same time, according to the vice-president of the Russian guild of realtors Konstantin Aprelev, developers have already begun to make discounts on some properties. According to the expert, the expected growth in supply in the real estate market and a slight decrease in household income as one of the consequences of the coronavirus pandemic may lead to a decrease in the cost per square meter in Russia by 15% over the next year and a half.