CrimeaPRESS reports:
How many times when choosing an apartment have you caught yourself thinking that, with all its abundance of options, new buildings do not provide the same good choice as secondary housing? This applies to the location, and the area of the apartment, and repair.
And almost every potential buyer, portal experts say , regrets that preferential mortgage applies only to newly built apartments. After all, the «secondary» is much cheaper, and its purchase in a mortgage under government programs would be much more profitable.
What is cheaper is out of reach
Government officials remembered measures to support the sale of secondary housing only when sales of new buildings stalled. Still — these are the links of one chain, and one will not go without the other. Most homebuyers must first get rid of an apartment that has become cramped for them.
And to do this is not at all easy. Not only is the demand low, but also the interest on programs for secondary housing does not think to fall, but only grows. The average declared rate on such a mortgage is 10.3%, but in fact it has already crept up to 14%. A monthly payment at such a percentage against the background of preferential government programs for new buildings looks almost like a robbery. Especially in comparison with payments under the recently operating near-zero tariffs from developers. Therefore, there is nothing surprising in the colossal difference in the cost of secondary and under construction housing.
The most disadvantaged category in this situation were families with two or more children. It is almost impossible to buy a multi-room apartment in the current conditions either in the primary or in the secondary housing market. They simply cannot do it. And the number of small-sized apartments in new buildings, already exceeding 80%, speaks eloquently about this.
Support Program
For a country that is in an acute demographic crisis, this situation cannot be acceptable. The institution of marriage already hangs in the balance. And if everyone hides in small cells, then there will be no question of any increase in the birth rate. Young families should be sure that the birth of a child will bring them happiness, and not put an end to their personal lives.
The number of transactions in the secondary market exceeds the sales of new buildings by more than two times. And the state will have to spend colossal funds to subsidize the secondary mortgage. But if you make preferential programs targeted, then unaffordable costs can be avoided.
First, the most favorable conditions should apply to multi-room apartments. Moreover, both in the secondary market and in the primary. This will help families with children get comfortable housing, as well as correct the bias towards the construction of human settlements.
Secondly, subsidized mortgage rates for secondary housing should not be as low as for new buildings. Otherwise, there will be even fewer people willing to buy housing under construction, and the industry may shrink to such a size that will lead to catastrophic consequences for the entire economy.
And thirdly, as a condition for issuing a preferential mortgage for the sale of «secondary housing», you can use the mandatory transfer of funds received to special escrow accounts intended only for paying for housing under construction. Those who plan to move from the old housing stock to the new one will get a competitive advantage.
Inevitable Consequences
Any measures to support the sale of secondary housing will lead to an increase in sales of stimulated categories, as well as an inevitable increase in the cost of these properties. Given the difference in price between the «primary» and «secondary», estimated at about 10-20%, the growth potential of the «selected secondary» may be at least half of these values.
Even if the secondary market does not receive any assistance from the state, the price increase will still occur, albeit a little later. In the face of reduced demand for housing under construction, «secondary housing» again becomes in demand. The more it is cheaper than new buildings.
Similar fluctuations have already occurred in our real estate market several times. But the price bubble of new buildings has never been inflated with the help of government subsidized mortgage programs. They have fulfilled their role in stimulating the construction industry after the pandemic fall. But it was necessary to stop in time.
Now it is necessary to leave the developers alone. The state is still unable to influence pricing. There will be consolidation of successful construction companies, and unsuccessful ones will go bankrupt or merge into larger ones. The real estate market will come to balance on its own. Officials need to take care of people. About those who, due to a series of negative events, lost all their devalued savings. And since the state has allowed this, it would be fair if it helps people buy affordable housing on the secondary market.
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