Photo: Alexander vilf / RIA Novosti
In the medium term housing under construction in Russia is likely to be more expensive, but at a slow pace. This is stated by the Federal company “Talan”, arrived in edition “Tapes.ru”.
According to analysts, the price growth potential in the Russian new buildings associated with the transition to the scheme of project financing of construction projects has largely been exhausted. A further increase in the cost per square meter in the primary housing market will be restrained by weakening demand, they predict.
“According to our estimates, in the medium term by a decline in the number of transactions and the volume of mortgage lending will occur proportional to the decline in development activity — the reaction of the developers to decreasing demand and the inability of construction companies to operate under the new rules, they note in “Talan”. — The strength of competition in such circumstances will be reduced, which will continue to contribute to a positive price dynamics, which, however, is expected to be more restrained than in last year.”
According to the materials provided for the first half of the new housing market in Russia increased on average by almost 5 percent. In Moscow, the rise was 7%, in Sochi, Anapa, Krasnodar and St.-Petersburg — 6%, in Ekaterinburg — 5,5, Perm — 4 percent. Most notably (plus 8 percent) added to the price “square” in Penza. In Surgut and Izhevsk, on the contrary, the rise in housing prices was minimal, within one percent.
New rules in the market work in Russia from July 1 this year. Developers are now actually forbidden to Finance the construction with funds of shareholders (exceptions are made for residential complexes in the high stage of readiness). The money of home buyers are now stored in escrow accounts which are not available for companies to enter the house in operation. Developers must pay their activity or private loan funds, which automatically entails an increase in construction costs and, as a consequence, the cost of the finished product — apartments.
Video, photo All from Russia.