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Thursday, December 7, 2023

Official Warns of 73% Increase in Russian Home Prices in Three Years


<p>According to a top official at the country’s central bank, housing prices in Russia have increased by 73% in the last three years.<img decoding=”async” class=”alignnone wp-image-180511″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-official-warns-of-73-increase-in-russian-home-prices-in-three-years-download-2023-.jpg” alt=”theindiaprint.com official warns of 73 increase in russian home prices in three years download 2023″ width=”1173″ height=”651″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-official-warns-of-73-increase-in-russian-home-prices-in-three-years-download-2023-.jpg 301w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-official-warns-of-73-increase-in-russian-home-prices-in-three-years-download-2023–150×83.jpg 150w” sizes=”(max-width: 1173px) 100vw, 1173px” title=”Official Warns of 73% Increase in Russian Home Prices in Three Years 3″></p>
<p>The official, who spoke on the condition of anonymity, said that a variety of variables, including low mortgage rates, growing earnings, and a lack of supply, are to blame for the steep increase in costs.</p>
<p>The official expressed concern that the Russian economy would be at danger from housing prices continuing to increase.</p>
<p>“The rapid growth in housing prices is cause for concern,” the official said. It may cause a bubble and a later fall, both of which would be bad for the economy.</p>
<p>The representative said that the central bank is keeping a close eye on the situation and is ready to respond if required.</p>
<p>In Moscow and other big cities, the increase in property prices has been especially significant. In three years, housing prices in Moscow have increased by more than 100%.</p>
<p>Low interest rates have made it more affordable to borrow money to purchase a house, which has contributed to the surge in prices.</p>
<p>Rising salaries have also contributed, since more Russians can now afford to own a property.</p>
<p>Price increases are also a result of a supply constraint. Because there aren’t many houses for sale in Russia, prices have been under pressure to rise.</p>
<p>The Russian government is worried about the increase in property prices. The government is concerned that the high costs may make it impossible for individuals to afford to purchase a house, which may cause the economy to slow down.</p>
<p>The government has tried to chill the housing market by doing things like hiking interest rates. These actions haven’t made much of an impact, however, thus far.</p>
<p>Currently, the government is thinking about taking more steps, such taxing house purchases or capping the amount of money that banks may lend for mortgages.</p>
<p>There are no simple answers to the complicated problem of rising property prices. The government will probably keep a close eye on the issue and take further steps if needed.</p>
<p>The government and the economy are quite concerned about the increase in housing prices in Russia. People are finding it challenging to afford to purchase a house, which might cause the economy to slow down.</p>
<p>The government has tried to calm the housing market in various ways, but so far these efforts haven’t had much of an impact. Currently, the government is thinking about taking more steps, such taxing house purchases or capping the amount of money that banks may lend for mortgages.</p>
<p>There are no simple answers to the complicated problem of rising property prices. The government will probably keep a close eye on the issue and take further steps if needed.</p>
<p>Regular Russians are likewise concerned about the surge in housing costs. Many individuals are anxious and apprehensive because they fear they won’t be able to afford to purchase a house.</p>
<p>The Russian administration is aware of the worries of common Russians and is attempting to resolve the situation. However, finding a solution will probably take some time since the issue is challenging.</p>
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