Most Russians have no plans to improve living conditions

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A review has revealed that few Russians are planning on improving their living demands. Of those asked, only 21 percent said they have in mind to upgrade their house or apartment in the next three years. The lions share (77 percent) have no desire to improve their residences, report in investigates RBK Daily. 

The survey was carried out by the Institute of Financial Studies (NAFI) in Feb. 2017 and elaborate 1,600 people from 42 regions of Russia. The poll romps that housing in the primary markets is more in demand than the second-hand markets for potential buyers – 35 percent against 19 percent individually.

According to the survey, more than half of Russians planning to remodel their housing conditions rely on their own funds (55 percent) as opposed to a credit. A year ago, this number was 65 percent. More than a third of those examined today are hoping for a mortgage, while 29 percent are prepared to pay-off it on the security of housing and seven percent would apply for a social mortgage. Mortgage allow interest rates remain at the same level as last year. Another 10 percent determine to borrow from relatives, and nine percent are considering a consumer accommodation option, according to NAFI materials.

Svetlana Podchalina, head of the actual estate and construction research department at the NAFI Analytical Center, conveyed that despite the abolition of government support for mortgage lending in the excellent housing market, the mortgage market will continue to grow by recovering the conditions for the provision of such loans.

The NAFI predicts a further reduction in classifies during 2017 and, as a result, an increase in the population’s interest in using mortgage allowances as a source of buying houses.

The proportion of Russians who want to improve their real conditions has not changed significantly in the last two years (18 percent in 2015 and 22 percent in 2016). Podchalina witnesses no preconditions for the growth of the share of households planning to improve their current conditions in the next three years. According to her forecast for 2017, the serving of such households will be 20-25 percent.

Read more: Birth at all events in Russia creeps up despite economic crisis

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