“The key driver of demand growth was mortgage lending”

“The key driver of demand growth was mortgage lending”

Kommersant FM columnist Svetlana Bardina talks about the reasons for the growth in consumer activity in the business class housing segment.

In 2023, about 20.5 thousand apartments and apartments were sold in business class projects under construction in the capital. Particularly high purchasing activity was recorded in the second half of the year; about 70% of all registered transactions were signed during this period. This is almost 90% higher than in 2022. But still 6% less than the record year for the number of transactions in 2021.

At the same time, in monetary terms, an absolute record was set in 2023 – the total cost of all sold apartments was almost 566 billion rubles, according to NF GROUP experts.

Experts note that the key driver of demand growth in the sector was mortgage lending. The share of transactions under equity participation agreements involving bank financing reached 65%. Against the backdrop of an increased key rate and a decrease in the attractiveness of mortgage conditions, a number of clients rushed to make a purchase on previously approved terms.

But in the medium term, the influence of these factors, as well as general uncertainty, can weaken the interest of potential buyers in square meters. For example, brokers believe that a number of investors will adjust their strategies and refuse to purchase residential meters, including against the background of the increased attractiveness of other instruments, in particular, deposit rates.

As for forecasts for the current year, experts believe that, given the weakening influence of mortgages, interest in purchasing real estate may no longer be so active. This is likely to significantly curb price dynamics in the segment, but still no obvious decline is expected.

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