Against the background of increasing general inflationary pressure in the context of the continuation of state housing programs, the influx of pension savings into the residential real estate market caused a significant acceleration in price growth, which increased by 10.0% in the primary market since the beginning of the year and by 17.2% in the secondary market (+13.6% on average). The number of transactions with residential real estate objects in the first half of this year reached record levels, increasing by more than 2 times compared to the indicator of 1H2020. At the end of June this year, the population has already used T1.4 trillion to improve housing conditions at the expense of pension savings. We note that the total volume of investments in housing construction for the whole of 2020 amounted to T2 trillion. At the same time, these funds were mainly used for real estate transactions on the secondary market. The population has already used most of the available amount of pension savings this year. In the near future, their inflow to the residential real estate market will significantly decrease. We believe that the market prices for residential real estate will begin to stabilize in the second half of this year with an increase of 3%-5% to the current values, and in general, the growth for the year will be 17%-19%
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