The market shares of new buildings and residential housing have significantly decreased compared to the figures of the first half of the year. On the contrary, there has been an increase in the secondary market
According to the preliminary results of July, the share of mortgages in the primary market of the Northwestern Federal District decreased significantly. There is also a decline in activity in the residential housing segment, while the share of the secondary market in loans has increased significantly, follows from a study by Domclick analysts provided to the editorial office by the press service of Sberbank.
As the statistics of mortgage transactions by Sberbank in the North-Western region as a whole show, the share of new buildings in July issuance was 19.6%, while the average for the first half of the year was 36.9%. The decline was also noted in the largest regions of the district — St. Petersburg and the Leningrad region, Domklik notes. The decrease in St. Petersburg occurred from 46.6 to 25.6%, in the region — from 37.3 to 22.2%. In other regions of the federal District, statistics for which are summarized, a decrease was recorded from 26.8 to 14.6%.
The market for individual construction (IHS) has also experienced a recession, the review notes. “In the district, the share of residential housing decreased from 15.6 to 5.4%, in St. Petersburg – from 14.7 to 4.6%, and in the Leningrad Region — from 19.2 to 6%,” Domklik analysts point out.
The share of the secondary market segment has grown significantly against this background. “After the completion of the “State Support” and changes in the conditions of the “Family Mortgage”, the share of secondary real estate in the Northwestern Federal District increased significantly: in incomplete July, compared to the data of the first half of the year, the indicator increased by 24 percentage points, to 67%,” says Alexey Leipi, director of the Domklik division of Sberbank. — The changes are clearly visible in the largest regions of the district: in St. Petersburg, the share of the secondary market increased by 26.9 percentage points, to 61.6%, in the Leningrad Region — by 21.5 percentage points, to 59.2%.”
Domklick draws attention to the fact that the share of the secondary market in mortgage loans from Sberbank in the Northwestern Federal District was one of the highest in the country even before the abolition of mass preferential mortgages. Experts attribute the traditionally high share of secondary housing to a small difference in mortgage payments in the primary and secondary markets — the bias towards new buildings is 4.7%. “In addition, there are regions in the Northwestern Federal District where the volume of supply in the primary market is extremely low (Murmansk and Novgorod Regions, Komi Republic) or zero (Nenets Autonomous Okrug),” the review says.
Sberbank’s issuance statistics also showed an increase in the share of secondary suburban housing — in the whole district it increased from 2% in the first half of the year to 4.3%. In St. Petersburg and its suburbs, the changes are more significant: in the city — from 2.3 to 5.1%, in the region — from 3.2 to 8.9%.
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