The share of mortgages in the St. Petersburg market of new buildings collapsed by 23% in a month

Such a drop was the largest in the entire history of observations, analysts said.

The share of mortgages in the primary market of St. Petersburg decreased from 85% of the total number of transactions in January to 62% in February. The drop by 23 percentage points (pp) in just one month was the largest in the entire history of observations. There was also a drop in the Leningrad region, but less dramatic – by 16 percentage points, or from January 85% to February 69%. For comparison, throughout 2023, the share of mortgage sales did not fall below 80%. This was reported by Vedomosti North-West with reference to the data of Cian. Analysts”.

Along with the cooling of interest in mortgages, the general demand for “primary” has also subsided. In the last month of winter, 2.6 thousand contracts were concluded in the market of new buildings in the Northern capital. DDU, which is 48% less than the January results in 5020 equity agreements. In the Leningrad region, 1,060 DDU were concluded in February, or minus 26% by January (1,440 DDU).

Analysts partially explained the revealed dynamics by overestimated January figures due to the massive postponement of December registrations. In general, drawdowns are associated with tighter credit conditions for state-supported programs. The latter include both an increase in the first installment from 20 to 30%, and a reduction in the maximum loan amount for the capitals and their regions under preferential programs from 12 to 6 million rubles. For buyers who expected to get a mortgage at market rates, high rates turned out to be a cooling factor.

According to experts, the market does not expect a significant increase in the number of transactions in the coming months. “Most likely, due to high inflation rates in the first half of the year, the regulator will maintain a tight monetary policy. Developers will also offer discounts on less liquid lots, trade-in service, flexible installment terms, and compensate for losses by increasing the cost of sought–after objects,” Asya Levneva, Director of the Marketing and Sales Department of Baltiyskaya Zhemchuzhina CJSC, succinctly described the prospects.

News on this topic on March 9, 2024, Developers will continue to reduce their portfolios, and consumers will buy or rent housing, according to Novostroy interlocutors.

Источник: www.novostroy.su