President Putin: the Russian real estate market is overloaded
IN Russia it is necessary to reduce the risks linked to the overstocking of the real estate market. This was stated by the Head of State Vladimir Poutinetransmits “RIA News”.
“Some imbalances are starting to appear in the real estate market, the so-called overstocking is taking place, which in the future could lead to a reduction in construction. Of course, these risks must be reduced,” the president said.
Putin added that the country must ensure long-term sustainable development of the construction sector. According to him, it is above all necessary to support the demand for housing.
In February, it was reported that since the beginning of 2023 the demand for the purchase of housing under construction and finished housing in Russia Shrunk by about a third. Buying activity on the primary market has decreased by 32% compared to December 2022, and on the secondary market by 42%. The decline follows record sales in 2021 and early 2022. Experts note that growth in residential real estate sales is also being hampered by an increase in mortgage rates – basic and subsidized programs.