OREANDA-NEWS  Housing prices in Russia may decrease by up to 15 percent against the background of the cancellation of mass preferential mortgages. This was stated by Georgy Ostapkovich, Director of the Center for Market Research of the IIEZ of the Higher School of Economics, Izvestia reports.

According to him, the reduction in the cost of apartments can last from one to one and a half years. He noted that due to the suspension of the preferential mortgage program for new buildings, it has become difficult to find a balance between supply and demand.

"Therefore, the fall in housing prices is logical, as is the pause in the construction of new housing. The population, which could invest in real estate, has now transferred money to banks at favorable interest rates. After all, it is extremely unprofitable to take out a mortgage, since at new rates one apartment costs like two," explained Ostapkovich.

The expert added that developers and realtors from Moscow and St. Petersburg feel the most stable now - they have a higher margin of safety. However, the situation in the real estate market will not change unless the authorities introduce new mortgage programs or start lowering the key rate.

Earlier it became known in which Russian regions mortgages are most affordable for citizens. They turned out to be the Chukotka, Nenets and Yamalo-Nenets Autonomous Okrugs.