Krasnodar, 9 December. The surge of the key interest rate that ensued a pause in the mortgage market, price rises, sanctions, cessation of long-term planning that would have let people decide on realty purchases – all these are the factors that were affecting the residential construction business this year.
According to Olga Nart, Commercial Director of the Neomatriya, a federal property developer, a deferred demand had been observed in the residential realty market since the second half of April. It was happening as the debtors were waiting for better mortgage offers at the background of the defensive key interest rate.
“Speaking about the sales dynamics, I would state that altogether 21,200 flats were sold to the total amount of 120.5 billion roubles in the regional primary realty market during the ten months of 2022. To compare, for ten months of 2021, 29,700 flats were sold to the total amount of 116.1 billion roubles. That is, taken the rouble equivalent, this year’s sales even exceeded last year’s figure,” she said.
The construction companies note that the demand for real property began to gradually restore last summer. If only 4,600 flats were sold during the first half of the year, the figure for the third quarter was 6,800 flats (a 48% rise compared with the previous quarter).
Vadim Kamalov, Krasnodar Regional Director of Etazhi Realtor Company, stressed the following important fact: the residential property market had been abnormally active over the past two years, with a heightened demand.
That trend was caused by several factors: cheap mortgage credits, the post-pandemic time, and a big number of investment buyers. Now the market has returned to its traditional indicators. Compared with last year, the demand has decreased, but it just returned to its normal figures rather than dropped down.
It is worth noting that the experts’ forecasts with regard to the prices and the demand for flats in newly-built blocks differ.
Tatiana Fomenko, Vice President of AVA Group, says that the demand for realty will be growing up speaking long-term, and the current separate events are only insignificantly affecting the short-term speed of this growth. The prices have stabilised. As the situation stabilises, they may continue to move up moderately.
In his turn, Vadim Kamalov expects that the price of a square metre of primary property will be going down.
“Due to the changes in the logistics chains last spring, the developers had to adapt their projects to their suppliers’ possibilities. But then they managed to find alternative solutions and suppliers for many materials and equipment positions,” Olga Nart said.
In Vadim Kamalov’s opinion, the sanctions had not directly affected the residential realty market – but there are fewer jobs now due to the closure of many productions and trade outlets. Therefore, fewer people now can afford to buy real property.
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