Average demand for secondary market apartments in Russia has decreased by about a quarter. In a number of large cities, citizens’ interest in apartments in this segment dropped by 30-40%.
According to experts, finished housing is attracting fewer and fewer buyers amid high mortgage rates. Russians can take out a loan for secondary housing at an average of 16.9% per annum, while they can get a loans for housing in a new building at 2-8% due to preferential programs. However, in the coming months, commercial rates on housing loans will likely continue to remain high, Oleg Samoilov says.