Expert Letenkov: Mortgage market will grow 2.5 times in autumn
In autumn 2022, the Russian mortgage market will grow by 2–2.5 times. Such dynamics are predicted by the General Director of the Real Estate Investment Agency Moscow» Valery Letenkov, the expert’s assessment is at the disposal of Lenta.ru.
According to Letenkov, the reason for the decline in mortgage lending at the beginning of the year was high rates. Now that the key rate has dropped to 8 percent per annum, and mortgage rates to 9.9 percent, there will be an increase in the number of people wishing to purchase housing with a loan. Experts expect an increase in the number of mortgage transactions by September.
“Already now we see a certain increase in the number of views of our properties. We attribute this largely to the fact that the level of rates has become psychologically easier to perceive. So, for people, mortgages below 10 percent are normal,” Letenkov said. He stressed that such a rate is not enough to restore the market to the volumes of 2021 – it should decrease to 4-6 percent to compensate for the current uncertainty in the country.
In July, Deputy Prime Minister Marat Khusnullin informedthat Russians are particularly interested in family mortgages. According to the results of the first half of 2022, the issuance of such loans for housing increased by 133 percent.