Secondary market after July 1st
Real estate market expert Alla Shinkevich told how the cancellation of preferential mortgages will affect the real estate market:
The abolition of preferential mortgages will certainly cause changes in the market. Secondary housing has always been popular because it is often cheaper than new buildings, and it is already renovated and ready to move in. High mortgage rates, of course, scare buyers. Nevertheless, even with high rates, people find ways to purchase real estate. This often happens through a chain of transactions: they sell one property, add funds and buy another. In such situations, the mortgage is taken for a small amount, which is planned to be repaid in the next few years, so the rate level for such buyers is not so critical.
As for the increase in prices for second housing, I don't think they will grow. Most likely, prices will remain at the current level. Of course, the secondary housing is not cheap, but there is always an opportunity to bargain. Unlike secondary housing, prices for primary housing may decrease slightly unless some alternative solutions are made at low rates, for example, additional subsidized mortgage programs or interest-free installments. Everything will depend on the developers and their ability to attract mortgage-free buyers.
Now let's go back to the IT specialists. The demand for housing among this category of buyers has been and will remain consistently high. Previously, there was a very interesting mortgage program for IT specialists, according to which it was possible not only to buy a new building, but also a plot of land or build a house with a contractor. If such programs are discontinued, then perhaps the number of transactions with IT specialists in the secondary market will increase slightly, but this will not be global
The reasons why IT specialists continue to buy second homes are obvious. It is cheaper, often already renovated, and ready for living. High mortgage rates may scare off some buyers, but for those who plan to repay the loan quickly, this is not so critical. The preferential mortgage program for IT professionals has played a role, but its cancellation is unlikely to lead to significant changes in the secondary housing market.
It is important to note that many buyers are now planning their financial steps more carefully. Instead of taking out a large mortgage for a long time, they prefer to sell their current property first and use the proceeds to pay extra when buying a new one. This is especially true in a high-interest environment, when every percentage matters.
The St. Petersburg real estate market is adapting to new conditions. People are finding ways to get around high mortgage rates by resorting to transaction chains and other financial instruments. Secondary housing remains an attractive option for many, including IT professionals, due to its accessibility and readiness to move in. While the primary market may have trouble without additional benefits, the secondary market is likely to maintain its stability.
It can be expected that after July 1st , the secondary real estate market in St. Petersburg will develop without sharp price spikes, continuing to attract buyers, including IT specialists, despite the cancellation of preferential mortgages.
SOURCE: kvmeter.ru
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