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01 Марта 2018
Foreigners

Mortgage Becomes Growth Driver

Mortgage Becomes Growth Driver
Источник фото: kreditipo.ru

Krasnodar, 1 March – Yug Times. In 2018, experts registered a ten-year record price of a square metre in the flats in newly-erected blocks in Krasnodar.

An increased number of uncompleted construction sites has become a peculiarity of the year in Krasnodar. The problems of deceived flat owners made the regional authorities toughen the rules of issuance of construction permits. As a consequence, the price of a square metre of newly-built flats has been growing in the city over the past two years: in 2016 the price went up by 5.4%, and in 2017 it grew by another 5.6% and reached 47,573 roubles per sq m.

Last year, MACON experts conducted a special research of the realty market and identified several reasons that had affected the uplift in prices of the flats in the newly-built blocks. One of them was the increased prime cost of the construction, which prevented the developers from continuing the dumping policy. Companies of the lower price segment started facing financial difficulties - so that 37% of the construction companies delayed the commissioning of their projects.

— Unlike 2014 and 2015 when the offer definitely prevailed over the demand, the present situation has stabilized, so that we may expect that a balance would be reached within 1.5 to two years, — said Ilya Volodko, MACON General Director. — There are not many unsold flats left from previous years. If we take into account that 37% companies are facing difficulties with the completion of their projects, the factual offer would be even less.

Despite the fact that governmental support is primarily aimed at new building projects, all changes also affect the secondary flat market.

— The main current market trend is lowering of the mortgage rates. There are mortgage credits offered under a 6% interest, — noted Vladimir Karasenko, President of the Kuban Realty Chamber Non-Commercial Partnership. — It has never happened before. As a result, the market reacted favourably: the number of deals grew in 2017.


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