experts hint at a return to 2018

2024 has become a key moment for the Russian real estate market. Changes in the mortgage lending environment have had serious consequences affecting the entire industry. Interest rates hit record levels of 16.7% for new homes and 16.9% for existing homes, while down payments increased to 30%.

These measures predictably caused a reduction in the number of transactions by 26%, this was especially noticeable in the secondary market.

However, the most notable thing was the decline in prices. At the beginning of the year, housing prices fell by 10%, which was a real shock for a sector accustomed to stability. Sellers were forced to lower prices to attract buyers, but this only temporarily revived the market.

Experts warn that the fall in prices could continue and reach 50% by the end of the year. This…