Developers appreciated the Central Bank's decision to lower the key interest rate

The reduction of the key rate to 15.5% per annum was an unexpected but quite predictable decision. Aigul Yusupova, managing partner of the development company Unikey, and her colleagues from other organizations told Izvestia about this on February 13.

"The temporary spike in inflation at the beginning of the year was due to an increase in VAT (Value added tax. — Ed.) and has already been exhausted. However, economic growth will continue to slow down until the end of 2026," said Svetlana Pinigina, founder of Pinigina Consulting.

For the real estate sector, this means removing the external shock, but maintaining structural constraints, added Anna Terekhova, Sales Director of the development company Marmax.

"Mortgages at current rates remain expensive for a significant portion of demand, so buyers continue to focus on government-supported programs, installment payments from developers, and cost-effective products. For banks and project financing, maintaining the rate does not change the basic guideline — they will selectively lend to projects, paying attention to the sale, liquidity reserve and quality of the financial model," the expert noted.

Ilya Kolunov, General Director of Sadovoye Koltso Group, believes that it will be possible to see a slight increase in the share of market mortgages in total sales. However, this tool will become truly widespread only when mortgage rates reach at least 12%.

"The current rate cut is unlikely to have a significant impact on sales results in the first quarter of 2026. Most likely, we will see a lull in the primary market after the rush of demand at the end of last year and the beginning of this year, when buyers actively bought apartments amid rumors of tightening family mortgages," he concluded.

February frosts: the market expects the key to remain at the level of 16%

Why can the regulator take a break and when will the rate be lowered

On February 13, the Central Bank of the Russian Federation lowered its key rate to 15.5% per annum. According to the regulator, the Russian economy continues to return to a balanced growth trajectory. Thus, the acceleration of price growth in January was due to one-time factors, and after their exhaustion, inflation will begin to decline again.

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