Russian home prices due to fall 20-30%

RUSSIA / FSU POLITICS - In Brief 06 May 2020 by Alex Teddy
On May 5 a Russian housing think tank said that house prices are due to fall by up to 30% by the end of 2021. The Institute of Urban Economics made that prediction. This a fairly reliable organization. It is an NGO advising stakeholders in urban development processes. The government provides subsidies to keep mortgages affordable. There has been a rapid growth in affordable homes in the last 10 years. The impact of coronavirus is likely to drive prices down. In the previous two crises house prices stabilized. That was due to unemployment peaking at 5.5%. Unemployment is likely to go much higher this time. Those in work are likely to see real incomes fall significantly.

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