During the time of self-isolation in the market of both primary and secondary housing in Moscow, pent-up demand has accumulated, which will lead to an increase in the number of transactions after the opening of real estate agencies, according to realtors interviewed by RIA Real Estate.
On Monday, Moscow Mayor Sergei Sobyanin said that on June 16 a number of organizations could resume work in the capital, among which were also called realtor offices.
Online sales, which actively spread during the period of self-isolation, certainly contributed to maintaining activity in the housing market, but they won’t be able to completely replace face-to-face transactions, comments Mariya Litinetskaya, Managing Partner of Metrium. According to her, many buyers were waiting for the lifting of restrictions to purchase an apartment.
“The volume of pent-up demand is estimated at about 50-60% of the average monthly number of transactions. True, there is no guarantee that it will all be realized in real transactions, because during the period of self-isolation, the financial situation of the population has worsened,” says Litinetskaya.
The head of the consulting and analytics department of the ABC of Housing company, Yaroslav Darusenkov, believes that with the beginning of the work of realtors, demand will grow in both the primary and secondary housing markets.
Most of all, demand will manifest itself in the secondary market, said Marina Tolstik, chairman of the board of directors of Miel – a network of real estate offices. The accumulated pent-up demand is likely to give a certain backlog for June and July, but we can hardly expect a quick return to the usual average annual values, she says. Julia Dymova, director of the Est-a-Tet secondary real estate sales office, agrees with her, and, according to her, the growth in demand will largely depend on how quickly the supply will be replenished, as well as on the pricing policy that sellers choose.
“In the case of active washing of objects, some owners may raise prices up to 10%,” Dymova said.
The Director General of Bon Ton Real Estate Agency Natalia Kuznetsova, on the contrary, believes that the primary will be in demand first of all because of the preferential mortgage created for it.
Litinetskaya assures that in the first weeks after the opening of sales offices there will be a surge in transactions, moreover, it is possible even at a level exceeding the indicators of the same periods of the past years.
“So far, it’s impossible to even approximately predict the growth in customer activity, but we definitely expect it. The main volume of demand will accumulate in the primary housing market precisely because the subsidy program is valid only for loans for new buildings. I believe that stagnation will continue in the secondary market, because many owners have postponed sales, and potential buyers are switching to new buildings, “concluded the managing partner of Metrium.
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