In Chelyabinsk, Rostov-on-Don and Samara, the drop for the month was 70%. July is the first month without preferential mortgage programs, and such a drop was expected, Business FM experts emphasize
Sales of new buildings have fallen in Russian cities with millions of residents. Chelyabinsk, Rostov-on-Don and Samara were the first in the anti-rating for demand reduction. In these cities, sales of new buildings fell by 70% in a month. Such data is provided by the Yandex Real Estate and Pulse of New Building Sales services. Their statistics are based on extracts from the Unified State Register of Legal Entities and project declarations of developers.
In general, in July, about 20 thousand equity participation agreements were registered in all major cities of Russia. During the month, demand decreased by an average of 46.5%. July is the first month without preferential mortgage programs, and such a drop is generally expected. The market is changing, says Dmitry Rakuta, founder of the Association of Mortgage Brokers and real estate expert:
Dmitry Rakuta, founder of the Association of Mortgage Brokers, real estate expert, “In fact, the entire primary market works and is based on preferential programs. Due to the fact that significant changes have taken place in the IT mortgage, the state program was canceled, the family mortgage was extended, but at the same time it was tightened in the format of apartment buildings, additional restrictions were introduced, of course, there is an outflow of potential buyers from developers, the volume of transactions in general is decreasing, including in large metropolitan areas across the country. The downward trend will be for the period until developers and the primary real estate market adapt to new realities, to new conditions. In parallel, developers will develop their own tools, various installment programs, perhaps there will be individual programs with a specific bank where the developer has project financing, that is, with whose money the developer builds the complex itself. And in addition to this, developers will probably create a certain shortage of new projects, new housing due to the fact that demand is small and new projects need to be sold. And since transactions have stalled, there are big issues with preferential mortgages, then new projects should not be expected.”
A decrease in the cost per square meter following a drop in demand for apartments should not be expected, according to market participants. There will be no significant changes in the price, but stagnation is expected.
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At the same time, banks are already preparing new tools to attract customers. For example, an apartment in installments, says Irina Dobrokhotova, founder of the BEST-New Building company:
Irina Dobrokhotova, founder of the BEST-Novostroy company, “Yes, there is, for example, a Far Eastern mortgage, there is a rural mortgage, and today there is a family mortgage. There, we can somehow offer family mortgage customers to purchase on the same terms, but this is not such a massive incentive. In addition, there are also profitable investment tools — this is a bank deposit at 18%, so people carry a deposit, this also does not stimulate the sale of new buildings. And as long as there are such rates, people will prefer to earn and keep money in banks. But all the same, we are optimistic about the market of new buildings, we think that in the fall, since a new introduction begins in January, that you need to buy an apartment and show where you have the funds, prove, we think this will activate people to purchase in the fall, because it can be purchased under the old conditions. We think that banks will find financial instruments together with developers, for example, installments, such offers already exist, thus stimulating and making a profitable purchase for the client. Literally in September, we will see new products, these financial installment products, from two or three banks for sure. I just know that this product is being prepared.”
The drop in demand for new buildings is noted by analysts of Domklik Sberbank. According to their data, in July, the share of the primary market in the total number of Sber issues decreased to 21.5%. This is almost 30% less than it was in June.
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