Prices on Yekaterinburg new homes market to go down 5%-10% this year
31 March 2015 (17:51)
March 31, 2015. The average price of a square meter in a new apartment in Yekaterinburg might go down by 5% to 10% by the end of 2015, Ural Chamber of Real Estate’s Executive Director Rustem Galeyev announced at a press conference.
‘We expected a 60% drop in demand before the government support program was adopted; now we think the drop will probably reach 30%. This will bring the housing prices down a bit. The government program’s main weakness is its focus solely on the new homes market,’ Galeyev says.
The expert believes this focus will disrupt the existing financial chains, as many customers need to sell their old homes prior to buying a place in a new building.
There is now a government mortgage support program available for Russians which offers interest rate subsidies (up to 12% a year).
‘We expected a 60% drop in demand before the government support program was adopted; now we think the drop will probably reach 30%. This will bring the housing prices down a bit. The government program’s main weakness is its focus solely on the new homes market,’ Galeyev says.
The expert believes this focus will disrupt the existing financial chains, as many customers need to sell their old homes prior to buying a place in a new building.
There is now a government mortgage support program available for Russians which offers interest rate subsidies (up to 12% a year).
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