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The Russians are buying real estate, fleeing from the collapse of the ruble

Россияне скупают недвижимость, спасаясь от обвала рубля

A 20 percent collapse of the ruble forced Russia’s population to find ways to save savings.

In August, the developers of Moscow has faced uncharacteristic for the end of active buyers. Massive demand for real estate evidence of anxiety and unwillingness to postpone the purchase of housing in the future, says marketing Director of the FSK “Leader” Xenia Tsaplina.

Another major developer LSR – associates excitement with expectations of rising housing prices due to enacted changes to the main branch of the law and the collapse of the ruble, according to “Kommersant”.

The LSR group, according to preliminary estimates, sales rose by 57% compared to August 2017 in all regions where the company operates (Moscow, St.-Petersburg, Ekaterinburg), and in the portfolio of the MR Group the number of transactions increased by 136%. The other players the results are more modest – at the PEAK of sales increased by 7-10%, FGC “Leader” has sold 14% more than in August 2017, and “Crosta” – 10%.

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Developers responded to the increase in buying activity by price increases. For example, in LSR, they have grown in comparison with July by 34%, PEAK – 5-10%. According to calculations the managing partner of “Metrium” Mary Litinetskaya, average market growth of 1-3% for the month.

The April wave of devaluation – from 57 to 64 rubles to the dollar – the Russians went through safely, but a second jump of the currency in August were the “last straw”. Since the beginning of September there was talk on raising the key rate of the Central Bank, followed by rise in the price of the mortgage, indicates the head of the analytical center CYANOGEN Alexei Popov.

Developers have yet to feel the effects of the higher mortgage rates in the forecast CYANOGEN. According to Popov, now the sale of housing with the assistance of the loan accounts for up to 70% of transactions, and changes in the rates and conditions of issuance can significantly affect the activity of buyers.

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If they become more restrained, the average size of discounts will continue to grow, adds CEO Level Group Kirill Inahin. Developers can reduce prices by 20%, within the minimum margin, he said.

IN THE HOUSE.Russia expect for the entry into force of new rules of equity construction mortgages for new housing will grow. Today the main limiting factor in the development of mortgage lending of new buildings is the reluctance of citizens to take on construction risks, noted the analysts.

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