The head of the Ministry of Construction of Russia Irek Fayzullin told when the prices for housing in the country will stabilize. In his opinion, this will not happen until 2022, Izvestia writes.
According to Faizullin, the balance of supply and demand in the real estate market in large cities will come to equilibrium in mid-2022. Stabilization will be facilitated by the commissioning of new residential buildings. According to him, the limit of purchasing power comes to a limit, so over time, square meters will stop growing in price.
Fayzullin called the timing of the stabilization of real estate prices: the Ministry of Construction expects that this will happen in the second half of 2022. In his opinion, “the city potential of our regions will begin to appear on the market.”
“The demand remains, the supply only continues to grow. Today, all the programs that the government is implementing will lead to the fact that the stabilized price and the release of new housing in some places will lower prices, ”the minister emphasized.
According to the international consulting company Knight Frank, Russia was included in the top 10 countries in terms of housing price growth in the second quarter of 2021. According to analysts, the sharp jump is justified by the excess of demand over supply in the real estate market.
At the same time, Konstantin Barsukov, a member of the Russian Guild of Realtors, said that the housing market in Russia had already begun to stabilize. He linked this phenomenon to the limit of purchasing power. If developers want to raise the value of real estate even more, then citizens will lose the opportunity to acquire it.