Preferential mortgages have left Moscow – news, prices and trends – GdeEtoDom.RU

Experts estimate a decline in activity in the mortgage market in the first quarter of 2024 by 30% compared to the same period in 2023. The reasons, as many market participants have already noted, were the tightening of macroprudential limits at the end of the year, changes in the conditions for issuing preferential mortgages, and maintaining a high key rate at 16%.

At the same time, throughout the country in April, TYMY analysts recorded an increase in activity in the mortgage market: the third week of the month showed an increase in the number of applications by 18% compared to the same period last year. As experts note, the main distinguishing trend this year was a decrease in the conversion from approval to issuance – people are in no hurry to obtain a mortgage, fixing the conditions. This is especially noticeable on the eve of the key rate revision. On April 26, the next meeting of the Central Bank of the Russian Federation will take place, at which the rate may be revised. However, according to Alexey Maystrenko, CEO of TYMY, this is unlikely to significantly affect the demand for mortgages in the Moscow real estate market.

“There is a 50/50 chance that this time the key rate will either be left the same or slightly reduced – by 0.5-1%. This is unlikely to significantly affect the market; the majority of buyers are waiting for a more significant decline, which is expected no earlier than in the second half of 2024, the expert believes. “Then we will see a general surge in demand, as well as a wave of activity in terms of refinancing mortgages that people took out at high rates.”

A significant contribution to the decline in activity in the mortgage market since the beginning of the year was made by the tightening of conditions for preferential mortgages intended for the purchase of apartments in new buildings.

“After changes in the conditions for issuing a loan with state support, when the maximum amount was limited to 6 million rubles, even in the most inexpensive new buildings in Moscow it became almost impossible to find an object that meets the conditions of this program,” notes Alexey Maistrenko. — Therefore, some buyers refocused on the secondary market, some postponed the purchase altogether, and some turned their attention to regions where there are still options for preferential mortgages. In any case, in Moscow, the issuance of preferential mortgages for new buildings with state support is minimal – in the structure of applications on our platform, this is now no more than 5% of all under this program in Russia.”

The leaders in terms of the share of mortgages issued with state support through the TYMY platform in the regions in the first quarter of 2024 were the market of new buildings in the Krasnodar Territory – 22%, the Moscow Region – 15% and the Novosibirsk Region – 14%. According to analysts, activity in the mortgage market remains in regions with high rates of housing construction.

Source: GdeEtoDom.RU

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