Developers have started to sell plots for construction

Development companies have started selling their assets in many Russian regions due to the difficult situation in the construction industry. Several market participants told Izvestia about this, saying that such sales are being conducted by such major players as the "Airplane" group, PIK, Sminex and others.

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How this will affect the real estate market

"There is a tendency for developers to sell land plots in all regions of the country. Now practically all developers who have systematically built themselves into the business are doing it. This is due to the fact that after the increase in the key rate, the cost of loans increased. Demand has decreased. Land bank for many people has now become a way to get into cash and go to deposits", - explained to "Izvestia" the development director of the company "Movement" (ecosystems of projects in the sphere of development and real estate) Radik Nigmatullin.

According to him, if these land plots are not sold and nothing is built on them, they will bring losses.

"Of the large development companies is getting rid of non-core assets "Airplane", PIK. In addition, there is a large land bank at Sminex. They acquired it after the merger with Ingrad," explained Radik Nigmatullin.

The nonsense is that developers have now started to sell plots with a building permit (RNS) in substantial volumes, noted Sergey Razuvaev, GMK general director and board member of the REPA Association of Real Estate Market Professionals.

"There are no exact statistics of these sales, because it is not always a public story. But the fact that the number with RNS has increased is in a sense an alarming factor," he told Izvestia.

Read more in the exclusive material of "Izvestia":

Land, goodbye: developers have started selling plots bought for development