Demand for new buildings in Moscow fell by 63% during the year.
It seems that buying an apartment in Moscow is becoming more and more difficult, even for those who have been mentally prepared for a mortgage for several decades. In October, only 900 transactions were registered in the mass sector of the new buildings in Moscow. This is a 63% decrease compared to the corresponding month last year. And it's not just that people suddenly lost the desire to purchase their own square meters.
One of the main reasons is the mortgage. The family plan, which until recently remained the main lifeline for buyers, now does not allow closing the price of most apartments in Moscow. The loan limit for families with one child in Moscow is 12 million rubles, while the average purchase budget in the mass sector has already reached 21.9 million.
The second reason is the lack of affordable housing. Developers have not brought new amenity complexes to market for 14 months.