Secondary property prices could rise by around 40% in three years. Such a forecast was given by realtor Konstantin Barsukov.
Today on the market there is a bias towards the “primary housing”, Valery Tumin, Director of Markets of Russia and the CIS at fam Properties, told Invest-Foresight. After mortgage rates followed increasing key rate of the Central Bank, new buildings became significantly more attractive due to the fact that preferential mortgage programs remain in this segment.
“However, this creates a strain on the market, an imbalance in supply and demand. And therefore, prices are now growing noticeably faster than before. How far the “primary housing” will rise in price in three years, I do not presume to judge, but the uptrend will be completely unambiguous”, the expert is sure.
In addition to the imbalance in the market, inflation, the price of building materials, the shortage of skilled workers, as well as the general economic situation in the country also have a noticeable impact on the cost of square meters, Valery Tumin adds.
“As for the “secondary housing”, here, coupled with increased mortgage rates, the supply also began to decline. You can already see some signs of a shortage, which also affects the cost. However, the secondary market is always a little more conservative than the primary market: by the end of the year, we can expect a gradual filling of the market. However, while an excess and prerequisites for lowering the price will be formed, according to my estimates, at least one and a half years will pass,” the specialist predicts.