Demand for mortgages collapsed: expert Krichevsky spoke about the future of the real estate market
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“New buildings will begin to be lent at market rates”
The volume of mortgages issued in Russia fell by 65% in January 2024, according to data from Frank RG. In particular, according to analysts, the demand for soft loans has decreased. Meanwhile, last year was a record year for the mortgage market – consumers took out home loans for almost 8 trillion rubles. And the main driver of demand was precisely preferential programs. What is the reason for the sharp drop in Russians’ interest in real estate? What does the future hold for preferential mortgages? Independent real estate expert Alexey Krichevsky told MK about this.
-Why is everyone surprised at absolutely obvious things? Firstly, December is always the most popular month for buyers, banks, and developers. For the first – because there is a need to buy “gifts” or resolve the issue with the apartment before a kind of zero point in the form of next year, for the second and third – largely due to active work for monthly, quarterly, semi-annual and annual bonuses. And this is how things are every year. Therefore, a drop in mortgage sales figures by two-thirds month-on-month is not too critical, because everyone already understood perfectly well that January is a month with minimal business activity.
– And if we talk specifically about the demand for preferential mortgages?
– All month, the media was full of news that banks were fighting with developers regarding the monetary issue, since the budget for subsidies had not yet been distributed, and the “pie” itself was becoming smaller and smaller – everyone understands that preferential programs will either be closed or severely cut back, that’s why they are trying to get more advantages for themselves over the authorities. Now there are no more questions about benefits and subsidies, but it is not yet entirely clear how long the subsidies will last – the money may run out much earlier than the end of the first half of the year, and then new buildings will begin to be lent at market rates.
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