In his interview with the Profil, a weekly magazine, Sergei Zubov, Senior Researcher of the Financial Studies Department of the Gaidar Institute told about the outlooks of the real estate market in 2023.

The building industry has entered the year 2023 amid high volatility and uncertainty. Apparently, the situation on the real estate market will depend on a large number of factors and trends which have not formed yet.

In 2023, one should not expect a recovery of the real estate market’s record growth rates which were typical of the previous years, says Sergei Zubov. As a new balance between supply and demand is formed in the beginning of the year, insignificant fluctuations of real estate market growth rates are likely. According to Sergei Zubov, more serious changes can be related with expansion of preferential mortgage programs. However, the expert believes that such an interference in the market is undesirable. “Preferential mortgage should be a targeted social support measure and not a cause of market overheating,” Sergei Zubov notes.

Another important factor of a revival of demand on the real estate market is a recovery of its investment appeal lost on the back of high prices and a decline in households’ investment activity.