Prices in the primary real estate market are already declining, although not rapidly. The process is already underway in a third of Russia’s regions, the head of the Central Bank said
The Chairman of the Bank of Russia, Elvira Nabiullina, noticed a decrease in prices for new buildings. “Transaction prices in the primary housing market are declining in almost a third of the regions. This is already a certain indicator,” the head of the Central Bank said during a press conference on the results of a meeting of its board of directors.
At the same time, the price gap between the primary and secondary markets remains high. But this will also gradually go away, Nabiullina predicts.
Prices for new buildings have been growing at a faster pace lately. “In our opinion, this was one of the consequences of such a long—term preferential mortgage program,” the head of the Central Bank said. Now, according to her, when the general preferential mortgage is completed, it is not worth waiting for an instant price reduction. “The price adjustment will not happen immediately, we understand that,” Nabiullina explained.
According to her, the course towards balanced mortgage growth should lead not to an increase in the availability of mortgages at an interest rate, but to an increase in the availability of housing itself. “This is the most basic thing,” she stressed.
The head of Sberbank, German Gref, also expects a decrease in prices for new buildings. He made this forecast at the beginning of September at the Eastern Economic Forum. According to him, first of all, the price correction should occur in the comfort and comfort plus segments, where there is a sharp decrease in demand and a drop in sales. As for the price difference between the primary and secondary markets, it will be most actively reduced in Moscow, the most overheated market in Russia, Gref reported.
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