Real estate: overheat instead of fall

Despite expectations, the Russian real estate market in July and August was more likely to face an overheat than a fall, according to a new tracker by SberIndex.ru and DomClick by Sberbank.

Real estate prices increased by 3.0% y-o-y on average in recent two months across Russia, according to DomClick by Sberbank. On the primary market, the metric added 6.2% y-o-y.

Tourism regions with the highest price increases are Khabarovsk Territory (18.9% y-o-y), Kaliningrad Region (18.0% y-o-y), and Altai Republic (17.6% y-o-y)

Changes in the number of new mortgages in July-August were close to the record results as the mortgage interest rates were dropping. The number of mortgage loans provided is growing by 44% y-o-y, according to SberIndex analysts.

The driving force is the primary market that has become the main beneficiary of the stimulus measures.