Real estate prices in Russia will fall by 30 in the next two years%

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The growth of prices for new buildings in Russia after the completion of preferential mortgages in July this year slowed down significantly. At the same time, the share of developers who failed to fulfill their obligations reached a maximum. Nevertheless, according to the RBC website, real estate prices in Russia will begin to fall very soon.

As reported on the website of the House.РФ, после завершения программы льготной ипотеки в июле продажи квартир в новостройках рухнули на 31% по сравнению с июлем 2023 of the year. The drop was 52% compared to June 2024.

На фоне охлаждения спроса рост цен на строящееся жилье It slowed down significantly, for example, in July, new buildings rose by 0.4% against +1.4% in June and +1% in May.The growth of prices has slowed down in 9 of the 10 largest regions of Russia in terms of housing under construction, and in Moscow prices forApartments in new buildings even decreased by 0.2% over the month.At the same time, the rise in prices for secondary housing has almost stopped and even started to decline.

Even before the introduction of preferential mortgages, since the second half of 2019, a huge bubble was forming in the Russian real estate market. Further, with the introduction of preferential mortgages, the bubble inflated more and more, real estate prices increased by more than 30% in five years. Now the phase of the "deflation" of the bubble has begun. The potential reduction in prices for new buildings is about 30%, for secondary buildings 15-20%. By the end of the year, new buildings and secondary housing may significantly "sink" in price, and in the next two years they may return to 2019 prices.