How the reduction of the key interest rate will affect the housing market in Nizhny Novgorod

      April 24, 2026 14:27 Economy NIA "Nizhny Novgorod" - Maria Orlova The Central Bank of Russia, as expected, lowered the key rate to 14.5% on April 24. NIA "Nizhny Novgorod" spoke with Elena Makarova, president of the Nizhny Novgorod Guild of Certified Realtors, about how this decision may affect the real estate market. According to her, the rate reduction generally favors buyers. Even a decrease of 50 basis points significantly impacts monthly mortgage payments. The expert noted that if previously mortgage rates were around 20%, then they dropped to 19%, and now they are approaching 18%. "Every percentage point significantly affects the amount of payments, which often exceed 60,000 rubles per month today. Young borrowers, who do not qualify for preferential programs, are particularly sensitive to these changes," the NIA "Nizhny Novgorod" interlocutor noted. At the same time, further reductions in the key rate may lead to an increase in prices for secondary housing. As Elena Makarova explained, owners are currently holding back prices due to the high financial burden on buyers. "Accordingly, the lower the rate, the greater the purchasing power. And although not significantly, prices will rise. We are already observing this in the secondary market. And by autumn, there will be further growth," she said. The situation in the primary market is different. According to the guild president, preferential programs, including "Family Mortgage" and IT Mortgage, play a significant role here. Moreover, since February 1, the conditions for the "Family Mortgage" have been tightened — only one of the spouses can take the loan, not both, as was previously the case. Therefore, against the backdrop of current rates and new rules, some buyers are choosing secondary housing. According to the expert, a similar apartment may cost 500,000 to 1 million rubles less than from the developer. Accordingly, the loan amount decreases, and thus the monthly burden as well. It was previously reported that the number of apartments in new buildings that cannot be sold is increasing in Nizhny Novgorod. At the same time, developers and realtors expect moderate growth in demand and prices for housing in the Volga region in the coming months. NIA "Nizhny Novgorod" has a Telegram channel. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+