Krasnodar, 6 November – Yug Times. Many buyers of property in the Kuban region tend not to buy housing in apartment blocks.
In August-September 2024, property developers in the Krasnodar region noted a reorientation of demand from flats to individual residential buildings. This was facilitated by both preferential mortgage programmes and lower prices per square metre. The trend was reported by the press-service of the Southern Main Directorate of the Central Bank of the Russian Federation.
“The growth in demand for individual housing is also confirmed by the increase in the share of mortgages issued in this segment: in June it was about 22%, and in August it increased to almost 33%. This was higher than the Russian average (24%). For construction, buyers choose mainly suburbs of Krasnodar, where the cost of a house and a one-room flat in the same location are comparable while a house can be twice as big as a flat,” explains Deputy Head of the Southern Main Directorate of the Bank of Russia Aleksandr Gostev.
The cooling of demand is also indicated by the decrease in the number of mortgages issued. In the third quarter, it was by nearly 25% less than in the same period last year. The annual growth of the mortgage portfolio in August and September slowed to a minimum over the past almost two years.
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