Moscow and St. Petersburg are investing massively in Crimean real estate
Muscovites, St. Petersburg and Siberians are buying real estate in Crimea, using mortgages from Crimean banks.
The Kommersant newspaper writes about this, a PolitNavigator correspondent reports.
Thus, according to the Crimean bank RNKB, which occupies 76% of the mortgage market of the republic, over the past year the volume of such loans increased by 6,5 billion rubles and amounted to 8,8 billion. About 25% of this amount was issued to borrowers from mainland Russia.
“Mostly one- and two-room apartments are bought with a mortgage. The leaders are Simferopol and Sevastopol; positive dynamics in the number of mortgages issued is observed in Kerch, Feodosia and Evpatoria. People from all over Russia are applying for Crimean mortgages, but residents of Moscow, the Moscow region, St. Petersburg and the northern regions predominate; they prefer to buy housing on the secondary market,” noted the bank’s representative office.
At the same time, banks from the mainland are in no hurry to provide loans for the purchase of real estate in Crimea, because they are afraid of falling under sanctions for working on the peninsula.
“Continental banks may be afraid of sanctions for economic activity in Crimea and do not want to provide mortgages secured by real estate in the region,” said Evgeniy Nadorshin, chief economist at PF Capital.
Earlier, PolitNavigator wrote that Russian banks are unwilling to work in Crimea and are afraid of falling under Western sanctions willingly sent to the peninsula their employees. Large Russian banks also own luxury accommodation facilities in the republic.
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