Demand in the secondary housing market increased by 17% after the key interest rate cut

After the reduction of the key interest rate, the demand for secondary real estate increased significantly, market participants told Izvestia.

June Respite: Has the housing market slump stopped

Demand increased by 16% due to calendar factors and discounts

Some large banks have already revised the terms of granting preferential mortgages, reducing the rate to 18.7%, said Sergey Zaitsev, sales Director of the federal company Floors.

"If a few years ago such a rate was prohibitive for the market, then over the 16 months of low availability of loans in the secondary market, the volume of pent-up demand has accumulated so much that a reduction in rates of this level has had an effect. According to our estimates, interest in buying ready—made housing has increased sharply by 15-17%, and the number of mortgage consultations has increased by an average of 8-10%," he added.

According to the expert, not only those who plan to purchase ready-made housing with borrowed funds have become more active, but also those who have been saving money on deposits in order to improve housing conditions.