Russian apartments were unused

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www.vsyako.netPhoto: Mikhail Voskresensky / RIA Novosti

The number of transactions for apartments in the Russian new buildings by 33 percent in the third quarter of 2019. The real decrease in activity of buyers has not exceeded 16 percent since a part of transactions in the second quarter of this year fell on “perebrody” apartments inside developers. This is stated in the study of portal CYANOGEN placed at the disposal “of the Tape.ru”.

In July-September of the current year on the primary market there were 162 thousand transactions, while in April-June, there were 243 thousand. The number of transactions decreased as compared to the first quarter of 2019 (20 percent) and relative to the same periods in the previous three years (three, eight, and five percent, respectively).

Most notably sales fell in Adygea (minus 73%), Kemerovo (minus 72 per cent) and Ryazan regions (minus 63 per cent). Most purchasing activity rose in Buryatia (plus 153 percent), Sakhalin (plus 91 per cent) and in the Yamalo-Nenets Autonomous area (plus 80%).

Also jumped real estate prices. In the cities the increase amounted to about 20 percent in annual terms, month — to 1-1. 5 percent. Square meter in new buildings compared to the same period last year rose on average by 17 percent. In conjunction with the mandatory transition to developers for escrow accounts that led to a drop in sales. The result is the gap between falling incomes of Russians, rising housing prices and higher mortgage rates. The massive lowering of rates by banks only started about two months ago and still not reflected in the statistics.

From the beginning of 2019, the market of new buildings of Moscow has received 46 projects — 23 percent less than the same period last year (60 projects). This is the lowest level of activity of developers in the last five years.

Video, photo All from Russia.

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