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Lev Tetin: average mortgage rate in Yekaterinburg will have set in on 8-9% level by 2020

Business31 January 2014

Lev Tetin, the director of MC “AVS Development”considers that in prevailing economical conditions when ruble falls, dollar and euro grow it will be more profitable to invest money in realty. He thinks that it isn’t profitable to weak ruble for economics of our state for a long period. He said:” After Olympiad in Sochi the difference of exchange will back to the prior proportion”.

 

“Now the majority of Russians buy up dollars and euro, but is high time to buy realty,” said the expert.-“Overpriced offers on the realty market will obligatory lead to falling of the demand. It is typical for the period of stagnation, which will continue 1-2 years, The price for 1 sq m will be on the previous level or will fall down. Then economics will grow unavoidably, consequently the price for realty will grow as well.

 

According to the prognosis of Lev Tetin the volume of house building will increase by 10-15% in Russia in whole and in Yekaterinburg. “First of all we mustn’t forget that according to the results of 2013 and the data of Town’s Administration of Yekaterinburg, in the Urals capital 879 000 sq m of housing areas were built instead of 1 million sq m. In 2014 in our city 1200-1300 thousand sq m will be planned to built. Secondly, the stagnation which we observe now will be most pronounced in Moscow and other Russian regions but in Yekaterinburg it will be less due to more stable regional economics and a lot of industry,” said the expert.

 

The additional reason in favor of investment in realty is in 6-7 years in Yekaterinburg will be more moderate. Also Lev Tetin said that by 2020 an average mortgage in Yekaterinburg will set in on 8-9% level, now it is 12,5% and will remain during 2014. “By 2020 our state plans to regulate the mortgage rate and reduce to the world standards - 3-4%” said Lev Tetin.

 

Also he underlined that during 20124 the volume of loan granting in Russia will decrease by 20-30% in average because of high demands to the borrowers. “At that in Yekaterinburg the volume of loan granting in 2014 will decrease by only 10-15% due to more or less economics’ stability”, commented L. Tetin.

 


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