Since the spring of 2016, the home construction and sale sector has shown a steady growth in performance, offering buyers a wide range of options for purchasing relatively inexpensive real estate in the primary and secondary market. Compared to last year, the growth in the number of new buildings on average in the country amounted to about 48%, which became a clear demonstration of the end of the period of stagnation.
Residential complexes in Moscow and St. Petersburg traditionally ranked first, offering their customers comfortable living in a well-developed individual and communal infrastructure. In the regions, real estate in Naberezhnye Chelny showed good performance, represented by a wide selection of new apartments, houses and cottages.
The fixed growth became possible due to positive trends in the mortgage lending segment, facilitated by a decrease in the key rate of the Central Bank of the Russian Federation. At the same time, about 24% of credit lines in the first half of the year fell to the share of those wishing to buy land for individual housing construction, which fell in price in ruble terms.
On average, the number of concluded mortgage agreements increased by 17% compared to last year's figures for the third quarter. All this testifies to the adaptation of the residential real estate market to the strict rules of a crisis economy. Therefore, today many citizens with an average income can buy a cottage or apartment using mortgage loans with an average annual rate of 12.5%.
Large investors are currently concerned about the completion of ongoing projects within the agreed time frame, many of which began to lag behind the announced dates due to financial difficulties and organizational problems. Nevertheless, more than 85% of residential complexes this year were commissioned on time, delighting new owners with high-quality infrastructure with serious development prospects.
Most developers continue to practice the delivery of new housing on a turnkey basis with the final finishing of rooms and outbuildings, according to the design projects approved by the customers. Many construction companies have at their disposal a staff of professional designers capable of satisfying any requirements of the most demanding clients. At the same time, long-term contracts are often concluded with furniture factories and salons for the supply of interior equipment at discounted prices. These packages are especially popular with business and premium homebuyers who want to move into an apartment ready to move in immediately.
The fall in the ruble exchange rate had a positive effect on the price of square meters in dollar terms. Today, buyers who kept their savings in foreign currency can benefit greatly from converting the value of an apartment or house into dollars. Taken together, these factors are driving the residential construction sector, allowing responsible developers to look confidently into the future.