The highest share of discount transactions was noted in the Chelyabinsk and Nizhny Novgorod regions, as well as in the Krasnodar Territory. The maximum amount of discounts is in the Krasnodar Territory, Voronezh Region and Tatarstan
Almost a third of transactions (32.5%) with secondary housing in June 2024 in Russia were concluded at a discount, follows from a study by Domklik analysts provided to the editorial office by the press service of Sberbank. The statistics include mortgage transactions “Savings Bank” concluded in June at the showcase “Domklik”.
The study separately examines the prevalence of discounts on secondary housing in Moscow, the Moscow region, St. Petersburg and regions with million-plus cities. The highest share of discount transactions was recorded in the Chelyabinsk Region (55.3%), the Nizhny Novgorod Region (55%) and the Krasnodar Territory (52%). The minimum figures for large regions are in Tatarstan (39.8%), the Krasnoyarsk Territory (40.8%) and the Moscow Region (41.2%).
As they thought
The discount amount was calculated as the difference between the value of the real estate object for which the mortgage is being issued (Sberbank data) and the value indicated in the corresponding advertisement before the sale (data from the Domclick showcase). Next, the arithmetic mean for the selected region was determined. When averaging, only positive discount values were taken into account.
The prevalence of discounts in the secondary market was calculated as the ratio of the number of apartments purchased with a positive discount to the total number of apartments purchased through the Domclick showcase.
The average discount, as the study shows, is 6.2%, but in some large regions the figures are noticeably lower. The minimum discount was noted in Moscow (3.5%), St. Petersburg (4%) and the Moscow Region (4.2%), as well as in Omsk (4.3%) and Sverdlovsk (4.5%) regions. Domclick draws attention to the fact that in Moscow, the average discount at auction for the month decreased by 0.3 percentage points. This happened against the background of increased activity of buyers: the influx of applications in the secondary housing market was recorded throughout the country (+8.1% by May), and in the capital it was even more pronounced.
The maximum amount of discounts, according to the study, is noted in the Krasnodar Territory (8.9%), the Voronezh Region (7.9%) and Tatarstan (7.3%). Analysts attribute the leadership of the Krasnodar Territory to the traditionally low share of the secondary market, in addition, there was no significant influx of applications in the secondary market of this region in May-June.
“In the last month of the “State Support” and the previous conditions of the “Family Mortgage”, the difference in mortgage payments in the primary and secondary markets in the most active regions, in Moscow and the Moscow region, St. Petersburg, Krasnodar Territory, was about 20-30%. Presumably, the gap will be narrowing in the near future, which may subsequently lead to increased competition between housing under construction and ready-made housing. This means that the discount amount may increase further,” predicts Alexey Leipi, Director of the Domklik division of Sberbank.
Domclick analysts also reviewed the changes in discounts for the year, June 2024 to June 2023, in Russia and by metropolitan regions. The national average decreased by 0.2 percentage points, in Moscow — by 0.3 percentage points, in St. Petersburg – by 0.4 percentage points. Experts attribute this dynamics to increased buyer activity.
“After raising rates, Russians sought to manage to implement previously approved applications and take out a loan for secondary housing on the same terms,” the study explains. — As the stock of pre-approved mortgages was exhausted, the demand for secondary housing began to decline, and the discount, in turn, began to grow. The average discount in the Russian Federation grew until May 2024, the maximum mark was 6.4%.”
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