Expert comments on talk of "apocalypse" in Russian mortgage market
An expert explained whether it is worth panicking due to the sharp decline in the number of transactions in the mortgage lending market.
Since July 1, the volume of transactions has decreased by half. This is due to the market's negative reaction.
The situation was commented on by real estate lawyer Nikita Yeshkov, NSN reports.
He reported that the number of mortgage transactions has decreased by 50% since July.
But there is no reason to panic, the expert assured. Talk of an "apocalypse" in the mortgage market is premature, because it will not happen.
Now this is a completely expected reaction, which was provoked by two factors.
Firstly, this is the abolition of non-addressed mortgages on preferential terms.
Secondly, the market "overheating" in June 2024. At that time, loans were issued for a record 788 billion rubles.
Simply put, potential borrowers were preparing for upcoming changes in the mortgage lending market at the beginning of the summer.
The lawyer added that housing prices are unlikely to change significantly in the foreseeable future. They will either remain at the current level or adjust within the framework of general market conditions.
