Consequences of the cancellation of preferential mortgages: investors do not want, citizens cannot
In July, the program of mortgages with state support and IT mortgages in Moscow ended, and the terms of family loans were tightened. The Central Bank raised the key rate from 16% to 18%, due to which the average rate on market mortgages reached 20%. In the near future, a decrease in the key rate is not planned, moreover, there is a high probability of its increase in the future.
Experts summed up the results of July in the primary real estate market of economy class and gave a forecast for buyers.
In the second month of summer, the volume of supply in the primary market of the mass segment of Moscow increased by 12.7% (20 thousand apartments and 2.3 thousand apartments). The cost of a square meter of new housing slightly, but decreased and amounted to 335 thousand rubles (minus 2.5% per month).
The number of transactions under equity participation agreements is perhaps the most critical figure in the study: only 1.9 thousand, that is, minus 41% per month.
Prices, however, are still biting. The cost per square meter in mass-segment studios ranged from 209 to 663 thousand rubles, in one-room apartments — from 176 to 640 thousand, in two-room apartments — from 168 to 564 thousand, in three-room apartments — from 167 to 577 thousand rubles.
The most affordable apartments are in Zelenograd, which will be delivered at the end of 2024: the area of the housing is 19.4 square meters, the cost is 4.3 million rubles. And the cheapest apartment is a one-room apartment measuring 19.8 meters for 5.9 million rubles in New Moscow, ten kilometers from the Moscow Ring Road. The deadline for the delivery of the residential complex is third quarter of 2026.
— The housing market is entering a new phase, — comments Ruslan Syrtsov, Managing Director of Metrium. — Now such instruments as discounts, installments, subsidies, tranche and letter of credit mortgages, refinancing will be used more often. At the same time, high interest rates on deposits will lead to a temporary outflow of clients from the new-build market. However, in six months, after the deposits are disclosed, they will return, and then the effect of deferred demand will appear.
For reference. A tranche mortgage differs from a regular one in that the loan is not issued in full at once, but in «pieces». Interest on such a mortgage will be charged only on part of the amount received, that is, also in “pieces”.
The essence of the letter of credit scheme is as follows: a person is issued a mortgage loan to purchase housing, a small part of the money is sent to an escrow account, and the main part goes to the letter of credit in the same bank and is transferred to escrow a few days before the house is put into operation.