St. Petersburg Mortgage Rates Soar: Real Estate Agent Issues Urgent Warning

St. Petersburg Mortgage Market: Agent Warns Against Secondary Market Purchases St. Petersburg, Russia – A local real estate agent is advising caution against taking out mortgages on properties in the secondary market due to the current economic climate. With interest rates hovering between 25% and 29% at several major banks, the agent, who wishes to remain anonymous, argues that such purchases are financially unfeasible for most buyers. "I strongly advise against it," the agent states in a recent video. "The interest rates are exceptionally high, making it a very bad deal for most people." She cites examples of specific banks and their respective interest rates, emphasizing the significant financial burden on buyers. However, the agent acknowledges that there are exceptions. "Those facing urgent housing needs, such as needing to move quickly due to unforeseen circumstances, might have no other choice," she explains. The agent's video has already garnered significant views, suggesting a considerable level of public interest in the issue. The high interest rates reflect the current challenges in the Russian economy and the impact on the local real estate market. While the situation presents difficulties for many potential homebuyers, the agent's advice provides valuable insight into navigating the current market conditions.