mortgage Rates in Russia are at an historic low. And yet at the end of 2019, the volume of lending declined slightly. Do you expect the mortgage boom in the coming year? And what are the trends in the real estate market?
Time to bet on real estate. Mortgage loans in Russia became more accessible. The loan can be obtained under 9 percent and even less. It is a historical minimum. And prepared the Foundation of the Central Bank. In 2019, it lowered the rate to 6.25. Minus a half percent for the year. Therefore, major players in the market and started to make better offers.
the keys to the apartment got 3 million families. Approximately half of the requested assistance to the Bank and took a loan.
If you look at the total amount of mortgage loan, it is slightly decreased compared to 2018. As for the future, it is really bright. So consider the basic players of the market.
the Cost of housing the national average was an increase of 8 percent in 2019. In some regions it remained at the same level. In Russia there are about 80 million of new square meters. And it would be more.
the history of defrauded real estate investors in the past. In the summer, the mechanism of project financing. What is its essence? Buyers no longer give money to the developer directly, and transfer them to a special escrow account. Under it the developer takes out a loan at the Bank. Access means receives only after examination of the object. Conscientious companies are now easier to work. If difficulties arise, the state is ready to help.
the housing market has several trends. More and more Russians are buying apartments turnkey, fully finished. Especially when talking about mortgage borrowers. Because it is cheaper — no need to take out another loan to repair.
Construction of single houses is not in Vogue. Developers are creating residential complexes. In a closed area all at your fingertips — playgrounds, kindergartens, restaurants and parkland. So the Russians are more comfortable to live, and companies more profitable to work.