The secondary housing market in Moscow for the year fell by 30%

The secondary housing market in Moscow for the year fell by 30%

Low rates due to the lack of subsidized mortgage loans, and inflated prices because of the desire of property owners to sell housing at the highest possible price.

MOSCOW, 19 Jan. Over the past year in Moscow on the secondary housing market there were almost one third fewer deals than in 2014, according to the newspaper “Vedomosti”, citing data of the Russian register of Moscow.

The publication notes that the market of new buildings during the same period declined by 18%.

“The fall in the secondary market more seriously for two reasons: the lack of subsidized mortgage loans (obtained only for new buildings) and high prices on the secondary market” — said the head of the Oleg Repchenko, explaining that the owners of the completed apartments, unlike developers seek to sell a property at the maximum price.

Experts note that the overall real estate market declined as much as expected.

According to the head of the analytical center “Inkom-real estate” Dmitry Taganova, in the period of crisis of 2008 the fall was approximately the same, however, the acute phase lasted for six months, after which the market began to grow. Now the market continues to slowly narrow.

Square meter of housing in the capital fell by an average of 10-15%, in dollars — about 35%, said Oleg Repchenko.

“And if you compare with pre-crisis highs by the end of 2013 to $5200 per 1 square meter of Moscow real estate has lost more than half of the cost,” he said.