The crisis in the industry, cut wages, unemployment - all this makes its own adjustments to consumer demand and a sharp decline in sales in the secondary housing market. Experts cite the following data - the current situation will provoke an outflow of investors who sell real estate in the secondary market.
Demand in the secondary housing market in Moscow will be at the lowest level in 2015, as it was after a sharp jump at the end of 2014, says Sergey Shloma. Earlier, the company predicted a 20% growth in demand relative to 2019 due to the activity of mortgage buyers and conservative investors.
The only way out can be state programs, including for the military, state employees and large families, or the conservative policy of banks aimed at preserving finances by investing in the purchase of secondary housing. But this, he said, will be observed in both segments of the residential market and for a short period - in the long term, demand is expected to decrease.
“It is still impossible to fully assess what damage the situation with the coronavirus will cause our economy, but it is obvious that the financial situation of many citizens will worsen due to wage cuts or the loss of a worker places. Therefore, even if the deferred demand enters the market at the end of the quarantine, these transactions will not be enough to return to the indicators of the normal working period, ”Shloma said.
Many sellers, including private traders, left the market, hoping to wait it out in order to win after the deal was closed. Also, in his opinion, new buildings will continue to delay the demand of buyers from the secondary market. For the secondary residential market in Moscow, much will depend on the dynamics of prices in the segment of new buildings.
“We are most likely to face the 2014-2015 scenario: a gradual, extremely slow decline in price indicators. In the secondary segment, sellers - individuals - are usually extremely reluctant to agree to a decrease in the value of their properties, which explains our forecast, ”explains Shloma.
Source: RBC Real Estate
