ePlaza: Reduced sales in Russia's primary real estate market could have a negative impact on the financial viability of property developers.
By the end of Q1 2023, as a result of preferential programmes and their combination with marketing schemes from banks and developers, the difference in prices of primary and secondary real estate in Russia has increased to 40%, says real estate portal ePlaza, based on the “Financial Stability Review” of the Central Bank for Q4 2022 – Q1 2023.
ePlaza.biz notes that such a price gap creates risks primarily for mortgage borrowers. If a borrower fails to service a loan, the value of the flat may not be sufficient to repay the mortgage debt.
In order to limit the risks in the mortgage lending market, the Bank of Russia has introduced increased provisioning for loans issued from 15 March 2023 which have a loan-to-value ratio significantly below the market value, the document reminds. From 1 May 2023, increased macro-prudential capital requirements have been imposed on banks for loans with a small down payment.
“Reduced sales in the primary housing market could have a negative impact on the financial soundness of developers. Banks also bear the risks as they have significantly increased project finance in this industry in recent years. However, banks will continue to increase lending to developers, including to ensure that the initiated projects are completed on time,” says real estate expert Igor Alekseev.
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