Developers appreciated another reduction in the key rate

The entire construction industry was counting on a reduction in the rate to 16.5%, which gives an impetus to revive demand and reduce the debt burden. Gulsina Shakova, the head of the mortgage lending department of the GK EXACTLY, told Izvestia about this on October 24.

"Today, the demand for housing is largely supported by subsidy programs, various discounts and promotions from developers," she said.

Anna Terekhova, Sales Director of the development company Marmax, noted that pent-up demand is currently forming due to the unavailability of mortgages for a wide range of buyers.

At the same time, this means maintaining current conditions for the real estate market: mortgages remain expensive, and there will be no mass exit of new buyers yet, says Dmitry Sofronov, Commercial Director of DARS Group.

"A significant part of the demand today is for families using family and Far Eastern mortgages. At the same time, interest in buying a home remains: many clients expect the Central Bank's policy to ease by the end of the year," he said.

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The dynamics of reducing the key rate will continue until the end of the year, but its rate of decline has already slowed down, said Olga Nart, Deputy General Director of the Luchi Resort.

"Reducing the rate by 0.5 percentage points will help maintain the downward trend towards a more comfortable rate level, while maintaining the balance of interests that the head of the Central Bank has repeatedly stated," she added.

Irina Soboleva, Commercial Director of Baltschug Development, added that for the premium and elite segment in the center of Moscow, the impact of the key rate has its own nuances. Most of the transactions are carried out at their own expense or using more complex financial instruments, where direct dependence on the key rate is not as critical as in the mass market.

The easing of monetary policy by the Central Bank will provide additional financial opportunities for developers, including the launch of new sites, added Ilya Kolunov, CEO of Sadovoye Koltso Group. Banks will be able to adjust the conditions for issuing project financing. In the medium term, this will increase the volume of housing construction across the country.

Earlier, on October 24, at a meeting of the Board of Directors, the Bank of Russia lowered its key rate by 0.5 percentage points for the fourth time in a row, setting it at 16.5% per annum.

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