Demand for housing in Russia by the end of the year will be 10-20% lower than last year, said Deputy Prime Minister Marat Khusnullin. In his opinion, the decline will correspond to "normal market realities", so "there is nothing terrible here," he said in an interview with RBC.
If demand for housing falls even further, the authorities will think about new support measures, for example, extending preferential mortgages for next year, Khusnullin said.
At the same time, ACRA analysts predict a 10-15% decline in housing demand in Russia.
The real estate market in Russia is in crisis because of the war: many construction projects have been frozen, prices for building materials have jumped, and developers have a shortage of components that must be supplied from Europe. From the beginning, people began to invest in real estate in an attempt to save their savings, but now the demand for housing is steadily falling: fewer and fewer Russians can afford to buy an apartment. Nevertheless, price reductions should not be expected – only the area of housing under construction will become smaller .