The beginning of the current year has cooled down the capital's mortgage market. In the first quarter of 2024 the share of mortgage transactions in total off-plan housing sales in the capital city has gone down to 63%. Developers began to actively promote the program harnessing deferred payments.
The key rate remains at 16%. Due to high interest rates on bridge project financing, small developers can push back the launch of their projects to 2025.
Asked prices have increased in all segments of residential real estate without exception in Q1 2024. The weighted average asked price grew by 2% over the quarter, and year-on-year this indicator increased by 8%. Developers do not lower their prices in the backdrop of high interest rates on project financing and rising construction costs. Further smooth growth of prices can be expected, but within the current inflation rate.
The greatest change in the weighted average price for the year has been recorded in the business class (by 10%), which is due to the increased interest of buyers in this segment.
The structure of supply by type of real estate did not change in Q1 2024, compared to both the previous year and to the previous quarter. Residential units still dominate the exposure.
A total of 13,200 FMAs to 679,800 sq m were registered in the past quarter, which is 6% less than a year ago, which is a consequence of the tighter terms for the issue of preferential mortgage loans. Compared to Q4 2023, the demand has dwindled by 40% due to seasonal decrease in demand at the beginning of the year.
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