Many young families want to buy real estate in the Moscow region with a mortgage. The real estate market in the Moscow region has been and remains the most attractive.
But due to the decrease in the amount of free money because of the crisis, a situation is created in the housing market caused by the decrease in the number of home buyers. As a result, all capital real estate is becoming cheaper, the Moscow region is no exception.
In the current crisis situation, even apartment exchanges between St. Petersburg and Moscow and the Moscow region have decreased. Although apartments in Moscow and the Moscow region have always attracted a large number of residents of our so-called northern capital. Previously, there was a number of people wanting to acquire not Moscow real estate itself; the Moscow region attracted some more.
The fact is that Moscow apartments were valued more expensive in exchanges than apartments in St. Petersburg, because of this, St. Petersburg residents lost up to fifty percent when exchanging apartments before 2008. Subsequently, this figure began to decline to thirty percent, and still a decrease in the number of housing exchanges occurred. All this naturally happens under the influence of the crisis due to the lack of free money among St. Petersburg residents. What will happen next in this area, time will tell.
This whole developing situation reduces competition among young families purchasing real estate in the Moscow region with a mortgage. They have more choice of quite affordable and decent housing. But there is another situation that is not in favor of some young families. The fact is that in a crisis situation, banks have significantly reduced the number of mortgage loans. Due to the current global crisis situation, banks are forced to hedge. From the former number of loans that was observed two years ago, they now issue less than fifteen percent.
Perhaps the expected situation of an increase in the number of mortgage loans will begin to grow in the near future. Currently, mortgage loans remain very attractive for young families. The decrease in free money will ultimately benefit only those families who purchase real estate in the Moscow region or in Moscow with a mortgage.