The primary housing market in 2023 is threatened by the flow of demand into the secondary segment, as well as the abolition of near-zero rates. Director of UDS Vsevolod Ivanov told about it.
According to him, a ban on the use of mortgage offers with low rates is still expected in 2023. As early as December, the Bank of Russia increased the premiums on risk ratios for loans for primary housing with a down payment below 10%. The next restraining measure could be the introduction of increased surcharges (for example, 100%) for the down payment at the level of 10-20%.
In addition, the expert notes, in June last year, Deputy Prime Minister Marat Khusnullin took the initiative to launch a mortgage with state support for the “secondary”. And although in September, Deputy Head of the Ministry of Construction Nikita Stasishin denied the development of such a program, and the Accounts Chamber of Russia, represented by the auditor of the department, Natalia Trunova, did not find it expedient to strengthen the existing conditions, it is impossible to exclude the possibility of returning to this proposal. The strengthening of mortgage programs for the secondary fund may lead to a spillover of demand.
The company stressed that the main factor hindering the development of the industry, as in the past year, is the decline in the solvency of potential buyers. The competition between developers in the quality of products, which has been outlined in 2022, will continue in the coming year.
– Whether it will be possible to turn this complexity into an advantage is a vital question for every project and every developer. However, so far the entire history of the development of the Russian market of new buildings suggests that professional developers are finding ways to preserve and further grow the market, including relying on government programs and initiatives, – said Vsevolod Ivanov.
However, positive factors are also expected to increase demand. Among them are low mortgage rates thanks to benefits and the ability to include interior furnishings in the loan.
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