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Housing is becoming a toxic asset for Russian citizens. This is reported by the agency “Prime” with reference to the data of realtors.
So, according to Nikolai Vavilov, a specialist in the strategic research department at Total Research, Russians began to massively refuse mortgages due to soaring bank rates, and the secondary real estate market completely froze. Vavilov believes that in the near future there will be many fewer transactions in this sector than at the beginning of the year.
Stagnation will also affect the market for new buildings. According to Prime, in the second month of the year, prices for individual properties in the primary housing market rose by 5%. One of the reasons for this jump, the expert calls the rise in price of building materials imported from abroad.
Andrey Vernikov, head of the investment analysis and training department at IC UNIVER Capital, is sure that today homeowners do not want to sell it for rubles, and buyers do not want to buy apartments with a delivery date at the end of 2023 and beyond, which is due to the unstable situation in the country.
Realtor Daria Kuchmistova believes that prices in the secondary market will not change much. After many companies leave Russia, people will be left without work and will not be able to pay off their loans. Someone will have to sell housing in order to close debts to banks or “get funds for life.”
Earlier, Russian economist Yakov Mirkin said that in the current economic situation in Russia there will be real estate prices. In currency terms, due to the weakening of the ruble, they will fall, while in ruble denomination they will grow (due to inflation). If there is a breakdown in hyperinflation, real estate prices will begin to rise rapidly.
In the context of the onset of the crisis, Mirkin suggested that citizens secure their assets – get certified statements on the status of accounts for money and securities. “The same applies to any kind of obligations to you of financial institutions, developers, anyone. Then “you will not collect the bones.” Very high risk of property loss. What has always been familiar may suddenly stop working, ”the expert said.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
