Experts predicted a decrease in the cost of secondary housing by 25-30 percent
In a protracted crisis, the cost of secondary housing may fall by 25-30 percent. Such dynamics in the real estate market was predicted by experts surveyed by NEWS.ru.
The volume of purchase and sale transactions in the secondary market has decreased, as sellers and buyers of real estate are waiting for further clarifications from the relevant departments for working with mortgages, including on the conditions of preferential programs. Credits at a rate of more than 20 percent per annum have proved unsustainable for the majority of the population, whose real incomes are not growing.
Now the prices in the secondary housing market in most large cities of Russia are at their peak, but already in the March holidays they dropped by 0.5-1 percent – experts call this decrease an indicator that the secondary housing market is overheated. The number of buyers begins to decline: due to changes in lending conditions and the increased difference between rates for primary and secondary housing, consumers are beginning to switch to new buildings.
A decrease in demand in such conditions is inevitable, which will lead to a drop in housing prices. In 2014, after raising the key rate to 17 percent, the price per square meter dropped by 15-20 percent in rubles and up to 55 percent in dollars. Now, according to experts, the situation will be similar: due to the inaccessibility of cheap money, demand will fall, and sellers of secondary housing will either revise the price tags or refuse to sell real estate.
Some owners have already changed their minds about selling their homes – this has been one of the reasons for the increase in the number of rental listings, as the owners decided to temporarily rent out the property. The number of ads in Moscow increased by 14% over the month.