The real estate market is showing the first signs of a mortgage bubble. One of them is mortgage programs “for 1 ruble”. Kirill Flutkov, an expert on the real estate market in Sochi, told Realty Times about this.
– Signs of a bubble in the real estate market is a mortgage for 1 ruble, when the developers themselves stimulate the attraction of any solvent customers or not. In this situation, everything seems to be fine, the apartments have been sold, the money has been spent, but as soon as the mortgage ceases to cost this very 1 ruble, then people have problems, especially those who bought for resale. There were quite a lot of such clients who just wanted to make money out of the blue, that is, while the object is being built, the payment is 1 ruble, and then, when the house is rented out, the object is sold at a higher price, and the difference is pocketed. When the desired price increase occurs, then this bubble begins to burst, – explained the realtor.
Also, according to him, a lot of mortgages were issued without a down payment, which is also quite bad for the market. This system begins to crumble when people want to sell apartments based on the price they paid, but they cannot do this due to stagnation or even a decrease in prices. This happens in the overloaded markets of large cities, but in Sochi there is no such overload, only for individual projects.
There is a price gap between the primary and secondary real estate market, but this difference is offset by low rates.
The message “Mortgage for 1 ruble” testifies to the swelling bubble in the market – the realtor Flutkov first appeared on the Realty Times.
