45% discounts for apartments in Moscow began to be offered

In August, discounts in the capital’s primary housing market reached 45%. Buyers can get such a discount, for example, for apartments in one of the residential complexes in the north of Moscow. However, impressive discounts apply to classic apartments in new buildings – up to 30%. This is reported by analysts of “Real Estate Market Indicators”. Why on earth developers offer fabulous discounts and whether they are deceiving buyers, we learned from experts.

First, a few illustrative examples. Prices in a residential complex in the north of the capital start from 11.7 million rubles for a studio of 27 square meters. Here, the buyer is given a 45% discount on housing (a call to the company confirmed – this is true). However, if you calculate, the price for the same studio still comes out rather big – almost 6.5 million rubles.

In several new buildings near the third ring, you can buy a 25-meter studio for 9 million (after deducting a 20% discount; the originally announced price is 10.8 million rubles).

Why is the discount going up? Buyers have disappeared as a class, and developers by hook or by crook are trying to lure them?

Most of the insane discounts are nothing more than marketing manipulations, says Regina Gordeeva, director of the Etazhi Prime company. In these conditions, potential buyers need to carefully analyze any discount offer, correlating it with the real market price for similar apartments and with the liquidity of the chosen option. Some developers use the simplest mechanism: first they raise the price, and then provide a “discount”.

– The project in the north of the capital is a ready-made complex with already formed prime cost and understandable costs, – commented Viktoria Grigoryeva, General Director of BEST-Novostroy. – It was built before the onset of external shocks, that is, building and finishing materials were purchased without difficulties, before the problems with logistics and rising prices began. Now the developer of this complex is preparing to launch a new project, so these discounts are probably one of the steps to accumulate funds for a new start.

For large developers, the level of turnover and high sales rates are very important. Yes, the margin will not be exorbitant, but in the current conditions it is more logical to give discounts to customers – however, not all companies buy this.

– Despite the forecasts that sounded all last year, we still do not see a drop in prices in the primary market, – says Victoria Grigorieva. – According to bnMAP.pro, the average price per square meter of new buildings in old Moscow increased by 9.8% over the year, to 486,000 rubles.

– If we talk about the general situation on the market, there are no significant discounts on really attractive objects, – says Gordeeva. – The discount can be in the amount of 5-10% in case of a quick exit to the transaction and 100% payment.

Oleg Repchenko, head of the Real Estate Market Indicators Analytical Center, explains that the maximum discount is offered exclusively in apartment complexes, which are still not considered housing (and are unlikely to ever be). But developers offer discounts not only because of the dubious status of this type of property.

– When buying apartments, Russians usually use preferential mortgages, the rates on which large banks did not revise after the key increase, – says Oleg Repchenko. – But the preferential state program does not apply to apartments, there is only a market mortgage, the rates for which have grown by 0.5-1 percentage points following the key one. Rising mortgage rates are putting pressure on prices.

– What will happen to apartment prices? Should I buy a house with discounts or wait?

– Prices in the primary market will depend on the regulatory measures of the state and the Central Bank. From October, new restrictions on mortgages will come into effect in Russia, aimed at reducing the number of loans with a low down payment, which may lead to a decrease in demand and, accordingly, prices in the primary market. So the number of projects with discounts will only grow – unless, of course, the state comes up with some new measures to artificially support demand, – says Oleg Repchenko.

Prices in the secondary market may be affected by the flow of buyers from the market for new buildings, where housing is now more expensive. But the growth, if any, is symbolic. The Central Bank has tightened the requirements for mortgages in the secondary market, mortgage rates in the “secondary market” are growing against the backdrop of an increase in the key rate. Plus, the situation in the economy and the dynamics of real incomes of the population leave much to be desired.

Whether to wait for price reductions or not depends on the life situation. Secondary apartments fell in price quite well last year, by 7-8% excluding discounts. The discount is now small – 3-5%, since there are fewer overvalued objects. If you can already find a suitable option with an adequate price, it is quite possible to consider it.

– Where to look for relatively budget housing in Moscow?

– On average, in Moscow, a meter of housing in the secondary market costs 257 thousand rubles. In 43 districts apartments are below the market price. The most affordable resale properties are traditionally offered in the castle and near-kadny districts. This is remote Zelenograd, where a meter of housing costs 183 thousand rubles, the areas of the south and east – Zhulebino and Nekrasovka (196.5 thousand rubles per “square”), Biryulyovo (197 thousand), South Butovo (198 thousand), Novokosino (204 thousand) .

Relatively budget apartments by metropolitan standards can also be found in the north. For example, in the Yaroslavsky district, where a meter of secondary housing costs 210,000 rubles on average, or in the area of ​​the Lianozovo station, where housing costs 215,000 rubles per square meter.