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In early spring, realtors and analysts predicted a collapse in apartment prices due to low demand. But this never happened. The key rate, which determines interest on loans, including mortgages, has dropped to a comfortable 8%. Perhaps now is the time to finally get a home, especially if you put off buying one in the spring? Whether so it, found out at experts of the market.

Apartments are getting more expensive, but becoming more affordable

According to Denis Bobkov, head of marketing and analytics at ASTERUS, a paradoxical situation has developed on the real estate market in the summer: new buildings are getting more expensive, but at the same time becoming more affordable.

“The fact is that most developers have launched joint mortgage lending programs with banks at extremely low interest rates – 0.1% or even 0.01%. This is achieved by paying a commission to the bank by the developer. In this case, the cost of the apartment may be higher, but the monthly payment is important for the buyer – and it actually drops to the minimum values, ”

says the expert.

Bobkov notes that by the end of the year the cost per square meter will increase by 1-2% every month. This is necessary to maintain existing demand without alienating buyers. And the demand really grew, according to the expert, by about 30% in July. If the key rate drops further in the fall, as many expect, then the cost of subsidies for developers will probably decrease as well. This means that the final price of the apartment may be somewhat less. But at the same time, the requirements for borrowers are likely to become tougher. Therefore, Bobkov does not recommend postponing the purchase of a new building.

“Those who are considering a resale can wait. As the key rate decreases, banks are likely to offer interesting products for secondary real estate as well,”

— emphasizes the analyst.

Photo: Maksim Konstantinov/Global Look Press/globallookpress.com

Monthly payment – for any salary

The head of the NEXT real estate agency, Pavel Krasavtsev, states that real estate prices continue to increase every month, and no change in trend is expected.

“Prices have risen very strongly in St. Petersburg, so it’s worth buying for yourself, not expecting an increase in the price of apartments. There will be no big growth from the position of investment, but from the position of personal purchase, this can become a significant difference, since the incomes of the population do not grow at the same pace, ”

he comments.

The expert recommends that residents of provincial cities also decide to buy, since right now the market offers good mortgage conditions for apartments in houses under construction.

“Now there are very comfortable conditions when purchasing an apartment from a developer at a subsidized rate, the monthly payment can be matched to almost any salary and the overpayment will be many times less than with a classic mortgage,”

Krasavtsev says.

Photo: Konstantin Kokoshkin/Global Look Press/globallookpress.com

Discounts and reduced rates instead of price collapse

Viktoria Kovalevskaya, head of the analytical department at Glavstroy Regions, says that with the key rate of the Central Bank of the Russian Federation at 8%, in the housing market, for example, in the Moscow region, there are mortgage offers with rates from 1 to 4%, as well as 0.01%. And this is not just a marketing ploy, such offers are quite real.

“This is due to the fact that the developers themselves subsidize the rates, together with partner banks. And such methods of stimulating demand have their own response, against which the share of mortgage transactions in individual projects can reach 97%,”

says the expert.

According to Kovalevskaya, such programs provide an affordable monthly payment, which is the driver for making a decision to purchase real estate. Especially against the backdrop of a constant increase in the cost per square meter throughout the year. Now, according to the results of the second quarter, the price in the Moscow region is 165,600 rubles per square meter.

“In autumn, activation is traditionally expected in the primary real estate market with the start of the business season. The level of demand will depend not so much on the Central Bank rate, but on the conditions offered by developers and banks,”

the analyst believes.

Dmitry Kayer, head of the KayerGroup real estate agency, agrees with the main trends. He also notes that instead of reducing prices, many developers have introduced discounts. And he predicts that the market will revive even more in the fall, so he does not advise postponing the purchase of housing.

“The market is gaining momentum, as bank deposits are soon being opened for those who invested six months ago. Many of them will incur money “in concrete”, because at the moment there is no better asset for investment. Developers understand this and begin to slowly remove discounts, so it’s not worth the delay, ”

Kayer says.

Photo: Konstantin Kokoshkin/Global Look Press/globallookpress.com

The best moment is now

The head and founder of the Association of Mortgage Brokers and real estate expert Dmitry Rakuta is sure that now is the best time to buy an apartment in a new building. Developers really offer good discounts, there are interesting and profitable mortgage subsidy programs.

“It is necessary to take into account the rise in the value of the property. If it varies within 10-15%, then by buying an apartment at a low mortgage rate, you certainly benefit from the growth in the cost per square meter. Therefore, in the long term, this project will be as profitable as possible,”

– emphasizes the specialist.

As for the secondary market, according to the broker, it is best to buy housing before the next key rate cut, which is likely to happen in the fall.

“In autumn, a small rush for the purchase of apartments is expected, as the summer season ends and living in apartments becomes more relevant. And now you can still bargain and get a great discount from the seller”,

Rakuta advises.

He admits that today it is possible to take out a mortgage to purchase a “secondary” property at the same rates that were before February 2022. But for residents of large metropolitan areas and specialists in certain areas, such as IT specialists, the conditions have become even more attractive.


By Yara

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