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Almost 90% of Russians have changed their minds about buying housing

Almost 90% of Russians have changed their minds about buying housing

Two-thirds of Russians who planned to purchase real estate postponed the purchase of housing for 2-3 years. According to a study by the analytical company Frank RG, among potential buyers the share of those who decided to postpone purchasing a home reached 87%. At the same time, 70% of respondents postponed the purchase of housing for two to three years, and 17% of respondents postponed the purchase of real estate for 5 years or more. Only 13% of survey participants plan to buy an apartment or house in 2025.

More than 800 citizens planning to purchase residential real estate took part in the online survey. People explained the reasons why they postponed buying a home (respondents could choose several answer options).

Half of the survey participants, 50%, admitted that they are waiting for more favorable conditions for purchasing real estate. Almost the same number of respondents, 48%, postponed the transaction due to high housing prices. 46% of respondents postponed the purchase of real estate due to high mortgage rates. At the same time, a quarter of respondents, 25%, said that they do not have enough money for a down payment, and 21% of respondents said that their income level does not allow them to pay a mortgage.

Rising prices for residential real estate influenced the decision of Russians to postpone the purchase of housing, the study says. According to the company, since 2021, prices for new buildings have increased by 2.47 times, secondary housing during this period has risen in price by 1.89 times.

source: CYANOGEN

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