OREANDA-NEWS. Sales of Russian developers in April, compared with March figures, sank twice. Market participants told Izvestia about this.

The decline occurred due to the fact that from April 1, new conditions for preferential mortgages at 12% instead of 7% began to operate. As a result, Russians began to book apartments less.

According to Dmitry Ekimov, Deputy General Director of the DomDa aggregator, the market froze, and the activity of buyers sank significantly. In addition, no new mortgage deals are being made and cash purchases have ceased.

Market experts thought that people simply decided to postpone the purchase of housing, waiting for lower mortgage rates or good discounts from developers. Instability and the difficult economic situation in the country also contribute to a decrease in demand. And restrictions related to social networks have seriously hit the marketing campaigns carried out by developers.

Some analysts noted that most developers will be forced to stimulate demand, including by making discounts that can reach up to 30%. However, other market participants added that it is not worth expecting a direct reduction in prices in the primary market. As part of promotions in this market segment, the discount will not exceed 7%.

On April 12, Realiste, an AI-assisted real estate valuation company, announced that the Russian housing market will see a significant reduction in value in the summer of 2022. We are talking about losses on average by 15%.