Photo: Sergey Mikhaylichenko /
May and June 2024 have become the most active in the St. Petersburg market recently: more than 44 thousand transactions have been concluded. Waiting for the completion of state support and changes in the terms of the family mortgage allowed developers to collect demand, which in a quiet time would have stretched throughout the summer, or even autumn. But the market did not die in July: of course, the number of transactions decreased, but by autumn developers expect a revival thanks to joint programs of banks and developers to subsidize rates, tranche mortgages, as well as new installments.
The participants of the Fontanka round table talked about what real estate market players and banks will come up with in the new period of turbulence.
May and June: expected sales surge
In May and June, developers were betting to close the shortfalls of the first months and fulfill the plan. According to the St. Petersburg Real Estate Consulting Center, in the first half of 2024, the demand for new buildings increased one and a half times compared to the same period last year.
— From January to June, more than 44 thousand transactions were concluded, in total about 1.8 million square meters were sold, which is almost 50% of the sales volume in 2023, — said Olga Kobyakova, commercial director of St. Petersburg Real Estate (Setl Group holding). — The number of transactions grew from month to month: from 4.9 thousand transactions in January to a maximum of 9-9.5 thousand in May-June of this year. This dynamic was ensured by the expectation of the completion of the mortgage program of state support and changes in family mortgages. Of course, the share of mortgage transactions was also growing: at the end of the half-year, it reached peak values of 85-90%.
— We did not place bets for the period May-June in vain — they were fully justified. Customers tried to make reservations as quickly as possible and get a mortgage. Of course, the established relationships with banks helped us, which allowed us to conduct transactions more quickly,” recalls Tatyana Khalilova, director of the GloraX sales department.
— The most intense demand was evenly distributed in May and June, — said Maria Orlova, Commercial Director of A101 Group in St. Petersburg. — This year, a unique situation has developed in the market: the traditional recession in early May was unnoticeable, and as a result, the last month of spring seriously exceeded the April figures in terms of the number of transactions. In general, if you look at the distribution by program, then in the A101 Group of Companies, family mortgages accounted for 55%, State Support 2020 – 35%, IT mortgages — 5%, and the share of military mortgages was 6%, although in some months it reached 15%.
— In June, 615 billion rubles of mortgages were issued in the country. This is 28% of all loans for six months — that is, from 2.1 trillion rubles,” Maria Orlova added. — For comparison, 423 billion rubles were issued in May, which is 45% less. It turns out that June was the most successful month for a certain pool of developers.
— As expected, on the eve of the closing of preferential mortgages in May and June, demand was very high, — continued Svetlana Denisova, Head of Sales Department at BFA-Development CJSC. — In Russia as a whole, sales growth by June 2023 amounted to 62%, and this is the third place among the “hottest” months in 3.5 years. In our company, the first summer month became a record, ahead of August, September, November and December 2023. This more than compensated for the modest first quarter and allowed us to create a reserve for the second half of the year.
At the same time, unfortunately, it was not possible to carry out all transactions with those wishing to catch the last carriage, the expert added. Even before the deadline, the leading banks ran out of limits on IT mortgages, the issuance of which has not been resumed so far.
Accordingly, June was successful for banks as well. So, in the Savings Bank, residents of St. Petersburg received mortgage loans totaling 27.7 billion rubles in the first summer month, said Alexey Ushenin, managing director of Sberbank’s St. Petersburg branch. This is 30% more than in the same period last year.
— We have experienced for ourselves how the demand for new buildings has grown. This, of course, was led by the completion of the state support program in July and a change in the conditions for a family mortgage,” Alexey Ushenin added. — Of all the state programs, the family mortgage was the most in demand — it accounted for 48% of all transactions. At the same time, we have other support programs in place — they can also be used by people planning to purchase housing. Therefore, the share of concessional lending in June reached 87%. And we see that residents of the Northwestern Federal District actively use these tools
— From the point of view of consumer activity, June was a fruitful month, but the main surge in consumer activity occurred in May and the first week of June, — commented Olga Kuznetsova, Deputy General Director of the Glavstroy real estate agency. — This is largely due to the early closure of applications from the largest banks and the lack of limits on issuance, as well as the termination of the withdrawal of already approved borrowers to the transaction. And since the process of buying a mortgage requires a certain amount of time, in the second half of June, developers realized the remnants of demand.
— The cumulative results of the first half of the year can be called very good: on average, the sales plan was exceeded by more than 10%, — says Kirill Kudryavtsev, head of the mortgage lending department of the PSK Group. — June was the most successful and ended with a 45% excess of the sales plan. At the same time, we did not see much demand for outgoing non-targeted preferential mortgages in June. And in general, this was expected, since the latest version — the 8% rate, the loan limit of 6 million rubles and the ban on using this program in combined loans — no longer made it massive. In other words, the range of potential borrowers under such conditions was not wide.
At the same time, the expert noted that the situation was reversed with regard to family mortgages and IT — here we can say about the hype.
— In the context of the upcoming revision of the conditions, there were many more people willing to use these programs than under the usual preferential one. There was a very high demand, a record volume of transactions took place,” Kudryavtsev added.
There were many people willing to take advantage of a preferential mortgage, despite the changes in conditions and restrictions that have been regularly introduced since the end of 2023, confirmed Ekaterina Nemchenko, commercial director of the RST holding.
“Despite the early notification of the termination of the programs, not everyone had time to use them,” she noted. — Unfortunately, at the end of June, the market faced a shortage of funds allocated for the program limits.
In June, the volume of sales at the RST holding was comparable to November 2023 — about 400 transactions in total for all facilities. The share of mortgages in June reached 91.5% of the total number of transactions, while during the half-year this figure was in the range of 70-85%, she added. In the structure of mortgage transactions in the first half of the year, the most popular were family mortgages (35-45% of transactions) and IT mortgages (20-35%). Mortgage in tranches was traditionally in demand: its share was 20-25% of the number of mortgage transactions of the holding.
— We estimate the first half of the year very well: we have fulfilled our plans and even exceeded them,” confirmed Angelika Alshayeva, General Director of the Real Estate Agency of KVS Group. — Our sales volume in the first half of 2024 is almost twice as much as in the first half of 2023. The share of mortgages in the first half of the year is almost 80%, which, in principle, is similar to 2023 — plus or minus, depending on the half-year.
Excessive demand in recent months of the mortgage with state support was also observed in the Aquilon Group: the average sales growth in May and June was 53% compared to the previous 4 months.
— This is due to the fact that the share of preferential mortgage programs was about 80%, half of which were mortgages under the state program, — says Maxim Turta, head of the sales department of the Aquilon Group in St. Petersburg and LO. — As we remember, at the beginning of the year, a number of popular banks introduced a commission on preferential mortgages. Then we continued to cooperate with all banks to provide customers with a choice. We have also introduced a tranche mortgage, the “We take interest on ourselves” program, interest-free installments and a number of other promotions. This allowed us to keep the sales level at the same level.
Due to the fact that demand accelerated, prices began to rise throughout Russia in the second quarter. Maria Orlova She noted that St. Petersburg and the Leningrad region did not stand aside: apartments rose in price by 3% to 250 thousand rubles per m2 and by 4.5% to 155 thousand rubles per m2. The average lot price in the Leningrad region was 7.2 million rubles, in St. Petersburg — 12.9 million rubles.
According to Svetlana Denisova, borrowed funds are becoming more expensive not only for the client, but also for the developer of project financing, so prices should not be expected to decrease — they will remain stable until the end of the year, and with the improvement of the situation in the mortgage market in 2025 they will continue to grow.
July: lull and adaptation in the market
In July, the market situation changed: customers were no longer in a hurry to enter into a deal.
— July, of course, shows a decline. This is quite expected and predictable — it always happens after major changes. All market players need to adapt to the changes. In general, we do not see a reduction in the number of requests, but in terms of quality, these are customers who are still at the very beginning of the funnel,” says Tatyana Khalilova.
According to her, the market is expected to decline by 30-40% in July compared to the same period last year, August will also be “calm”, and by September a revival will begin, as everyone adapts to new conditions.
— In the first decade of July, the new terms of the family mortgage were not officially announced, so reservations were accumulating, — says Svetlana Denisova. — At the moment, we have a huge volume of reservations in the Lights of the Bay residential complex, and we observe equal interest in both ready-made apartments and the starting 4th stage. High inflation and ever—increasing inflation expectations are forcing people to look for a “safe haven” for their funds – and this is real estate.
According to her, the main difference between family mortgages since July is that in St. Petersburg now, in order to participate in the program, a family needs at least one child under the age of six or a disabled child. And even at its peak, the IT mortgage did not exceed 6% of the issue on the market.
— Working with this product did not spoil stability: banks were running out of limits, rumors about the imminent closure of the program were exciting the market, — said Svetlana Denisova. — Is it clear to the specialists: only family and IT mortgages will not be enough to maintain demand at the current level. It will help to maintain the balance of supply and demand that the volume of apartments under construction in St. Petersburg is decreasing, and the activity of developers has shifted to the nearest regional lands.
— In the current situation with the current key and market mortgage rates, as well as the cost of housing in St. Petersburg, the market is waiting for a stage of transformation. Developers will have to get used to the limited level of demand, — says Olga Kuznetsova. — Today, the market is influenced by market mortgage rates, which reach 20-22%. Developers expect to increase the limits on IT mortgages without changing the conditions, and are also working on installment programs that are close to the conditions of the previously existing state support program.
She noted that the extension of the family mortgage program until 2030 is assessed positively. However, limiting the age of a child to 6 years reduces the potential audience of those who could use it.
— It was assumed that the program would be differentiated depending on the age of the children in the family, — Olga Kuznetsova recalls. — For example, if there are two children in the family over the age of 6, a family mortgage will be available at a higher rate than 6%. Now this category of buyers can take out a mortgage only at the market rate, which remains prohibitive.
— Since July 1, we have been living practically without a mortgage at all: there were only piece deals that were closed since June, plus a small share of IT mortgages with those banks that still had limits, — said Angelika Alshayeva. — The bulk of the transactions were in installments. Recently, a decree was issued — we were able to conclude transactions on family mortgages, banks began accepting applications and issuing loans. We really hope that the IT mortgage will return, but for now we can only hope.
She noted that in July-August there will be a reduced demand, and in autumn there will be some kind of revival, but insignificant.
— Of course, the 20% rate seems prohibitive, and our task now is to work closely with financiers and banks to develop new programs that will be comfortable for customers. Subsidized programs with a rate comparable to state support have already appeared, a tranche mortgage is also seen as a good alternative, as well as letters of credit before the project was launched, — said Tatyana Khalilova. — All this may be the driver of sales in July and August.
— Of course, the cancellation of the most massive state support program has led to increased anxiety in the mortgage market. But you can’t expect everything to happen at one moment — it takes a certain amount of time for all processes to align,” continued Alexey Ushenin. — For our part, so that the demand for housing does not fall sharply, we develop and offer our own products to the market that reduce the credit burden. These are various discounts, and constant work with developers to subsidize rates. For example, you can apply for a tranche mortgage here. There are other point programs. Do not forget that the family mortgage still continues to operate – and this is quite a serious help for families with young children. All this together should help the market with a high key rate.
— Of course, now we feel a decrease in demand, but we have prepared well for this, — Maxim Turta comments. — As expected by the Aquilon Group analysts, the family mortgage remained, although its terms were adjusted. Now is the time for new joint programs between banks and developers. For example, in July we offer our customers a “Family Combo”: a discount of up to 30% at a rate of 6%. Plus, we apply an additional discount when using a family mortgage or maternity capital, which is another 1% of the lot value. Tranche mortgage programs, subsidized programs that allow customers to reduce monthly payments, continue to operate.
— The reduction in appeals and sales in July was quite obvious, — Kirill Kudryavtsev comments. — And it’s no longer about the abolition of the so-called mass preferential mortgage. At the moment, this event coincided with the revision of the terms of the family mortgage and IT. With the family, in general, we got about what we expected. Except, perhaps, for the exclusion of buyers with two minor children from the circle of borrowers, unless the buyer lives in a city with a population of up to 50 thousand people. The logic behind such a decision is generally simple — to leave part of the demand in the regions, in small towns.
In general, according to him, it is not very good when the conditions for the purchase of certain basic categories, such as real estate, are regulated by credit policy: this does not help either the market or the buyers. The market is under pressure due to high rates not only in the context of consumer activity, but also the cost of construction – meaning bridge lending, project lending and a lot of additional costs.
Maria Orlova noted that the extension of the family mortgage at 6% with a limit of 12 million rubles for St. Petersburg is a good sign, especially until 2030: such long—term planning is not enough in the market. As for July, the decrease in demand is partly due to the fact that it was already collected in May-June.
— We predicted that demand would fall by about half: in addition to the deterioration of credit conditions, abnormal sales in May-June played a role, due to which the market was to some extent “chosen”. But already in July, we see that customers have not lost interest in buying real estate, and our task is to prepare interesting programs: tranche, subsidized, etc. We have to do this in force majeure mode. If earlier it took 4-5 months for the market to adapt, now we do it in a month or two. But, according to my feelings, demand activation should begin in September.
— Now, on a tranche mortgage, borrowers have the opportunity to pay from 0.11% to 3% during construction, with a family mortgage of 6%, 3.5% can be fixed for the entire term, — added Maria Orlova, — In any case, we are waiting for additional targeted programs from the Ministry of Finance. It seems to us that this may be the support of medical professionals, teaching staff, and researchers. We are also sure that it is logical to launch a separate youth mortgage program, which, among other tasks, would be an incentive to increase the birth rate. The task of building 100 million m2 per year is still worthwhile, and it can be assumed that the regulator will do something to stimulate the market, which is one of the backbone ones for the domestic economy.
Kirill Kudryavtsev added: families who do not yet fall under the terms of the family mortgage program, but are planning children in the near future, will be able to use refinancing even faster. They will have the opportunity to purchase real estate under the tranche mortgage program, with a reduction in the rate without a rise in price for a short period, and then, after the birth of a child, to refinance on a family mortgage.
— It is expected that after a wave of hyped demand, there will be a lull, and new programs and conditions will not provide the desired level of sales, — says Ekaterina Nemchenko. — At the moment, there is a stage of reflection, analysis, and determination of joint actions of banks and developers. Banks are no less interested than developers in the sustainability of financial models of projects and stable sales. To do this, you need the appropriate tools. Until now, the main tool for the real estate market and, in particular, for new buildings has been a mortgage. Regardless of the name, the main thing is the conditions that mortgage programs provide and the opportunity to use them.
But since July 1, market participants have been waiting for a Government decree on the terms of the preferential family mortgage program and are still waiting for a decision on the limits allocated for IT mortgages.
— Banks, through joint programs with developers, offer attractive interest rate conditions for the construction period, — Ekaterina Nemchenko added. — One of the most interesting offers on the market is from Sberbank, for projects that are under its project financing.
Installment programs will also be relevant in the second half of the year, she believes. Among the features of the market, it can also be noted that as a result of active sales in the first half of the year, the supply in the city has significantly decreased. Against the background of a decrease in the launch of new projects, this is becoming noticeable.
— This month, our company has not seen a decrease in customer interest — at the moment we have received 14% more requests than in June, — says Olga Kobyakova. — This confirms that the desire of buyers to solve the housing issue remains unchanged. While the key rate is still reaching a high level, it is especially important to actively support customers by offering attractive installment and mortgage programs.
A decrease in demand after peak values is also accompanied by a seasonal factor — in summer, there is traditionally a decrease in customer activity.
— There are reasons to expect the beginning of a recovery trend in the autumn. This can be facilitated by the extension of the family mortgage, as well as further support for joint mortgage programs developed by developers and banks,” says Olga Kobyakova. — The installment payment tool with favorable terms for buyers is still relevant.
In particular, in July, Setl Group offered customers a combined program that helped reduce the financial burden through various tools: a subsidized rate of up to 3% for the construction period, installments of three payments or a 3% discount on an apartment. As Olga Kobyakova noted, this approach made it possible to take into account various scenarios for buying a home. “In August, we will continue to support the buyer by offering special purchase conditions — various installment schemes without increasing the cost, as well as special programs developed jointly with banks that are designed to reduce monthly payments to minimum values,” she added.
A comfortable bet: who will pay for the subsidy
Developers are generally willing to subsidize rates, but it’s hard to say how much.
— With a high key rate, mortgages without subsidies have a prohibitive cost and low demand, — Ekaterina Nemchenko notes. — Developers cannot subsidize the rate from their profits, which means that this will fall on the shoulders of the borrower in the form of an increase in the cost of the apartment. This mechanism cannot be called ideal — it is rather forced.
— We look at subsidized mortgages with caution and try to minimize it, because banks want a large commission fee for this, and this cannot but affect the cost of the apartment, which is already high, agrees Angelika Alshayeva. — And this is a vicious circle, because we constantly hear that apartment prices cannot be raised. And the banks themselves are trying to cut the cost with their assessment. Therefore, we are trying to get out of this vicious circle.
According to Angelika Alshayeva, a family mortgage with an escrow discount is now going well, which allows you to take out a family mortgage for the entire loan term at a rate of 4.6%, which is more than pleasant.
— Developers strive to ensure that subsidies do not affect the final cost of the apartment, — Kirill Kudryavtsev explained. — Therefore, the priority of the program is without increasing the cost. This, on the one hand, limits the amount of subsidies, on the other hand, it does not lead the borrower into overpayment. In addition to a tranche mortgage, there are other options. Up to the point that each individual residential complex may have its own set of certain programs. Therefore, the answer to the question is very often depending on the selected property.
— Now all the possibilities are calculated very precisely: it happens that even within the framework of one project for buildings there is a certain limit below which the developer cannot subsidize a particular rate, or subsidization occurs at the expense of the client, — agreed Tatyana Khalilova. — It may depend on the deadline, on the initial financial model, and on the number of apartments for sale. Of course, in such a complex market, the role of the brokerage community has grown, especially for the comfort class: realtors help clients figure out discounts, price increases and select optimal programs for each specific case – therefore, agency sales for all developers are growing.
Another emerging trend is trade—in and quick buyouts from developers. According to Tatyana Khalilova, since the rates on the secondary and primary markets have begun to converge, and customers selling apartments on the secondary market are more accommodating, this area has become a growth area for developers.
— Of course, the programs for houses with a key transfer difference of two years will be different, — Maria Orlova confirmed. — But at the same time, an affordable monthly payment can still be found. This parameter is now the key to making a purchase decision, and customers understand this. Of course, there are different life scenarios: for example, if the borrower plans to repay the mortgage ahead of schedule, and not after 15-30 years. In this case, it is more important to fix a low price.
Based on the client’s task and his individual conditions, sometimes you have to go through 10 banks to find a suitable program for which the loan will be approved. Agents sometimes turn into negotiators who are ready to fight for buyers, rather than accept refusals from the bank.
As Svetlana Denisova notes, the average monthly mortgage payment increased more than 2 times after July 1. Accordingly, the demand in the primary market will shift to cheaper remote areas — for a while. To support sales, developers offer installments to buyers, as well as, together with banks, mortgage tranches and subsidizing loan rates.
— Subsidizing rates — but not for the entire life of the loan, but only for 1-3 years — is likely to become a hit on the market, — she believes. — This is just the approximate duration of construction and the period for which, as expected, rates will decrease to an acceptable 12-13%, it will be possible to refinance, and the commission (read — overpayment under the DDA) for this type of loan will not be very high. A number of banks have already announced interest rate subsidy programs for the first few years of lending.
In general, mortgage lending in Russia cannot be called problematic, Kirill Kudryavtsev noted:
— Additional coefficients are applied to borrowers with a high debt burden, which require the bank to keep funds in reserve — the more loans it has issued to such borrowers. That is, the bank independently regulates the composition of its portfolio. According to estimates available in early June, in Russia as a whole, overdue mortgage loans in the primary market were only 0.14%. On the secondary market, it is more — 0.43%.
The market is waiting for long-term rules of the game
Developers have already stopped waiting for a reduction in the key rate in the near future — and for good reason: on July 26, the Central Bank immediately raised it by 2 percentage points to 18%. Nevertheless, there are certain expectations.
— First of all, we need long-term clear rules of the game that will not change every month or two, then it will be easier to calculate the financial models of the project, — says Tatyana Khalilova. — The fact that the family mortgage was extended until 2030 is a positive fact, but we are very much waiting for clarification on other programs — IT mortgages, support for small towns. In general, I want to say that we have experienced crises in the real estate market more than once — and each time we managed to find solutions. I am sure that this period will not be an exception — and we will find the best options for customers.
Regarding the last rise in the key rate, Tatyana Khalilova commented that this was an expected event, and current rates were already high, so their rise by another couple of points did not have a serious impact on market sentiment.
Maria Orlova, in turn, noted: the key rate of 9-10%, which is comfortable for both the secondary and primary markets, will not appear soon:
— Even 2025 is questionable. Next year, we can assume a reduction in the rate to 12-14%,” she predicts. — And it is clear that globally demand depends on this indicator, and all programs are temporary measures that do not solve the problem completely.
— State support for mortgage lending turned out to be very expensive in the long—term prospect of maintaining a high key rate, – Kirill Kudryavtsev noted. “Anyway, it’s all about her. If it returns to the level of the second half of 2020 or at least the first half of 2023, then there will be no need for co-financing of real estate loans from the state at all.
According to him, with a key rate of up to 7-8% per annum, we can say that a market mortgage will be quite adequate.
— Previously, with a key rate of 4.5%, the share of preferential mortgages was generally minimal in the overall sales structure, because most buyers could choose standard offers, — comments Olga Kobyakova. — Now the introductory conditions have changed, inflation risks are very high, but it is possible to find interesting conditions. For example, our company offers clients programs that do not increase the cost of apartments and reduce the financial burden on the buyer during the construction period. This allows you to get minimum monthly payments and minimum overpayment of interest. For example, in our arsenal there are programs that can reduce the payment to 10 rubles per month without increasing the cost. In the future, the key rate will be reduced, and we will help our clients to refinance loans.
— I think that the normal and acceptable mortgage rate for clients is 12-13% for the entire loan term, — says Angelika Alshayeva. — And as soon as we reach these values in a standard mortgage, demand will normalize. So we are waiting for a reduction in the key rate, as well as the development of new mortgage programs — for example, for teachers, for medical workers, maybe for participants of the CBO — that would operate on the territory of St. Petersburg and the Leningrad region.
— The government-supported preferential mortgage program was introduced during the pandemic as a temporary measure. This tool has really had a positive impact on housing affordability, has allowed many families to improve conditions by moving to more spacious housing, to buy apartments for younger children, — comments Olga Kuznetsova. — The market was aware that the program was limited in time, but it was assumed that its withdrawal should be phased out, smooth.
In general, this is what happened, the expert believes. The program became more and more targeted from the mass: first, an increase in the current mortgage rate for state support, then an adjustment of conditions. And if all these steps had not overlapped with the current economic situation, when the new-build market made a leap in mortgage rates from 6-8% to 20-21%, the preferential mortgage program would have ended logically and without shocks for the market.
— The declared goal of increasing housing affordability by 2030 at the end of the third quarter will require new measures from the government, including new concessional lending programs, — Svetlana Denisova is sure. — The scale of the programs will not be the same — only targeted support programs: perhaps by region, industry, for public sector employees, etc.
At the same time, according to her, the actions of the regulator raise questions: on the one hand, a targeted approach to preferential mortgages is being declared, on the other hand, programs that contradict it are being maintained.
— Without any diversification, the rates for individual housing construction are subsidized. This is an absolutely necessary measure for the province, but incomprehensible for large agglomerations, — Svetlana Denisova believes. — If we talk about cities with millions of people, then we get a situation where the lack of jobs is subsidized, the infrastructure of the city is spread over large areas, the transport shoulder increases, and all these territories are not provided with social infrastructure.
The developers also have on the agenda amendments to Federal Law No. 214, which will allow them to conclude DDA with installments beyond the construction period, she added. There will be talks again about the program for the construction of rental housing with the right to buy it out on lease after commissioning.
As for government programs, the market would like to see an extension of the limits on IT mortgages (there are still pending transactions since June), as well as new targeted programs for more categories of the population.
In the meantime, according to Maria Orlova, it is worth paying attention to tranche mortgages and subsidized programs that will help you survive the next two years, and after the rates do decrease, refinance the loan.
— A reasonable approach should be developed and mortgage programs for the general population should be proposed, allowing to improve housing conditions and buy modern apartments in new comfortable residential complexes, — Ekaterina Nemchenko believes. — Otherwise, the market will face serious problems, the consequences of which will negatively affect the construction industry and, as a result, the country’s economy.
At the same time, Maxim Turta notes, such changes will encourage developers to work more on the product, creating more thoughtful and interesting projects.
— Moving away from the standard class is a long-standing trend, and now it will only intensify. At Aquilon Group, we have long focused on the comfort class and above in order to make our projects as comfortable as possible, which gives us a number of advantages and the opportunity to overcome the crisis periods of the industry.
Photo: Sergey Mikhaylichenko /
Источник: www.fontanka.ru
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