Mortgages cancelled, but prices rise – Crimea puts Nabiullina’s theory to shame

Cost real estate will only grow, despite assurances from various officials about the upcoming reduction in prices due to cancellation of preferential mortgages.

This opinion was expressed on the air of “Crimea 24” President of the International Academy of Mortgage and Real Estate Irina Radchenko, the correspondent reports "PolitNavigator".

“Now developers, even if they don’t reduce real estate prices, with such inflation we are still at a loss. Therefore, there is nothing to reduce. What can the state do to ensure that prices do not rise more or less? Fight inflation and strengthen the ruble. Over the past 2 months, the ruble has fallen by 17%. And already now, realtors in the Moscow region note that the number of clients who have increased by 50% buy apartments without a mortgage. Because there is no point in opening a deposit.

I opened it six months ago at 17% and now I'm going to close it. And what did I win? Nothing. We've played a draw with inflation. That's why people don't believe that the government will cope with inflation and are actively buying up real estate. And if the ruble exchange rate is even lower, then the whole deposit overhang of 57 trillion rubles will flood the real estate market. Our entire mortgage market for its entire history of existence is only 25 trillion, and this is twice as much as all mortgages. Therefore, I hope the prices don't go up again“,” the expert pointed out.

Director of one of the Crimean development companies, Arseniy Khudorozhev added that the final cost per square meter has a large impact banks have an influence.

"As a rule, the price is formed on the basis of data on the costs of construction materials and the cost of work, as well as all equipment. We continue to use equipment that is not produced in Russia. As a rule, the market is analyzed, and we go to bank refinancing using escrow accounts.

therefore the project budget is calculated jointly with bank employees“- the company director noted and specified that the average price per square meter in Crimea is currently 130 thousand rubles, and it increases periodically.

Let us recall that Elvira Nabiullina spoke earlier with assurances other types of mortgages.

"The main effect of the abolition of non-targeted preferential mortgages will be a decrease in inflationary pressure. Although the cost of apartments is not directly included in the consumer price index, the high rate of issuance of any loans leads to an increase in the money supply, leads to an increase in domestic demand.

If this growing demand is not matched by the growth of supply, this results in a general rise in prices. By the way, we have observed an accelerated rise in prices in the housing market, even higher than the high rates of inflation. In our opinion, citizens are mainly cash (after the cancellation of preferential mortgages – ed. note). Finam.ru) will be directed towards savings, especially given the high interest rates on deposits,” the head of the Central Bank said earlier.