Adapting the real estate market to new realities

Due to the rapid spread of covid-19, real estate transactions were noticeably suspended. The MFC, Rosreestr and notary offices operate in a specific mode, which makes it difficult to collect all the necessary documents. The number of people who want to arrange viewing has decreased to a minimum – no one wants to provoke a risk and get infected, and in the current reality it is almost impossible due to a violation of the quarantine.

Under these conditions, agents consult clients by phone and by correspondence. Yes, they do not physically close deals, but those who have already decided to buy, postpone this deal and allow you to develop a database of interested parties who are ready to join the process of registration/viewing immediately after the removal of restrictions, based on this, we can assume a revival of the market in June.

One in five Russians postponed buying a home due to the crisis, according to the results of a survey by the real Estate project 10% of Russians have decided not to make deals at all. For mortgage programs, transactions decreased by 10-20%.

But this list still includes those who plan to buy an apartment in the near future. Preferences in the desired transactions were divided approximately equally in favor of the secondary market and new buildings.

Realtors have to adapt to a new situation and move online, said Grigory Poltorak, Vice President of the Russian Guild of realtors:

 "The processes that were technologically ready were implemented, but realtors prefer to use the usual method, and now they are learning to work remotely. Many processes and simple deals are carried out even now. In fact, even before it was possible to hold a showing on Skype, WhatsApp or other similar platforms, sign a contract remotely, transfer an advance on the transaction with a quick payment system, but only now all these moments are really beginning to be implemented in life. I believe that these methods will remain after the end of the quarantine. Everything that speeds up and facilitates our processes will surely take root and will not cause surprise and tension."

According to experts, after the release from quarantine, the real estate market will face a serious drop in prices. Thus, analysts of OTKRITIE Bank predict a decrease in the cost of housing by about 10 % - across the regions of Russia, and in the capital, real estate will fall even more — by 15%.



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