The head of the State Duma Committee on Financial Markets, Anatoly Aksakov, spoke about the situation with real estate prices.
The parliamentarian believes that conditions are already being created for reducing housing prices in Russia.
Real estate has become more expensive due to a mass program of preferential mortgages, Aksakov said in an interview with Parlamentskaya Gazeta .
People had more money, but developers simply couldn't keep up with the increased demand. As a result, prices went up.
Now the authorities have decided to wind down the preferential lending program. But real estate will become cheaper more slowly.
There is a chance that prices will fall by 40% in the next two years.
This may happen earlier, Aksakov emphasized. Everything depends on the volume of supply on the market.
Developers need to sell completed properties to start new projects. This will also play a role in lowering prices.
According to Aksakov, in the next one and a half to two years, housing in Russia will become noticeably cheaper.
Author: Dmitry Bobrov
