How to choose a new building abroad: differences between Russia and other countries
- Comparison of new buildings: what are the differences between Russia and foreign countries?
- How does the approach to construction and mortgage loans differ between Germany and Russia?
Introduction
When choosing new housing in the primary market outside their homeland, buyers may encounter various surprises. In our article, we will attempt to analyze the differences between residential complexes in Russia and those in the most popular countries around the world. This information will help you stay informed about the market situation.
Overview of new buildings in popular countries
We also recommend familiarizing yourself with the features of new buildings in other countries.
- New buildings in Bulgaria:how to determine where in this sunny country you can find apartments with minimal concrete and which real estate investments will be the most profitable.
- New housing in Spain:What features should we expect from new buildings in the "land of bullfighting"?
- New buildings in Montenegro:What can the new residential complexes in this Balkan republic surprise us with?
- New projects in Dubai:What factors can attract investors to this large-scale project center?
- New buildings in Italy:Be ready for unexpected surprises.
- New housing in Turkey:what is the peculiarity of life in the country of rakhat-lukum.
Characteristics of new buildings
The characteristics of new buildings vary from country to country. For example, in Russia, more than half of the apartments in new buildings of the economy class in large cities are small options, such as studios and one-bedroom apartments, with an area not exceeding 45 square meters. There is a growing interest in "Euro two-room apartments," where the kitchen and living room are combined into one space.
In Germany, according to statistics, the average size of new apartments is about 91 square meters. Current trends in construction are not leading to an increase in the share of small residential properties; in Munich, for example, they account for less than 20%. Nevertheless, interest in small apartments remains strong due to the limited number of new builds of this type.
Comparison of apartment buildings and low-rise construction
As for Russia, new residential projects in large cities are most often apartment buildings, while low-rise construction is less popular. In Germany, on the other hand, people prefer to have fewer neighbors to avoid possible problems with maintaining order and cleanliness. Moreover, Germans value architectural harmony, which leads to the fact that the height of new buildings usually does not exceed four to six floors.
Rental conditions and finishing
When renting out apartments in Russia, new buildings in the economy class are usually offered with a finished interior, while "turnkey" options, including furniture and appliances, are quite rare. In economy-class residential complexes in Germany, the practice of offering "turnkey" rentals is also absent; however, in the premium segment, customer preferences regarding finishes and equipment are often taken into account.
Location and infrastructure
As for the location and infrastructure, in Russia, most new residential properties are built in sleeping districts, often beyond the ring road (where applicable). Want to stay updated on all the nuances of the primary market? Follow our articles to better understand the intricacies of choosing housing abroad.
In Germany, ring roads around populated areas are relatively rare. The country has a well-developed infrastructure, which allows a significant portion of the population to be close to urban centers. This leads to the demolition of old buildings to make way for new apartment complexes or individual homes. New developments are also being constructed on vacant land.
The situation in Russia
As for Russia, when developing a new residential complex, developers typically fund the creation of the minimum necessary infrastructure—such as roads, playgrounds, and gardens. Elements like gated areas, underground parking, or swimming pools are not mandatory in standard residential construction.
Approaches to construction in Germany
In Germany, developers most often design only the approaches to houses and the paths leading to them. Underground parking lots are rarely included in projects, as educational institutions and children's playgrounds are often nearby, making such constructions less in demand.
Construction standards
In some cities in Germany, having an underground parking facility with one parking space allocated for each apartment, as well as meeting the standards for thermal and sound insulation, is a mandatory requirement for obtaining a construction permit for multi-family complexes. However, services such as swimming pools or concierges are not considered mandatory, as they significantly increase the operating and utility costs for residents.
Additional information
Topics related to real estate, immigration, and investments can be found in our Telegram channel. Additionally, it should be noted that in the area of mortgage lending and prices in Russia:
- Approximately 50% of all apartments built before 2015 in new developments in Moscow and St. Petersburg were purchased using a mortgage.
- Currently, this indicator has significantly decreased.
- The interest rates on mortgage loans that do not receive support from government entities have reached15-16%annual with an initial deposit30-50%.
Mortgage loans in Germany
In Germany, mortgage loans for purchasing real estate are more common than in Russia. In some regions, up to95%Transactions are carried out using mortgage funds. This is primarily due to low interest rates (from2.5%to4%) and a more stable economic situation, which gives citizens confidence in the future and their future incomes. Usually, banks finance40-50%the value of the objects.
Prices for apartments in Russia
In Russia, between 2008 and 2014, the prices of apartments under construction — from the laying of the foundation to commissioning — increased by more than30%However, recently the pace of price growth has started to slow down.
Conclusion
In conclusion to our discussion on the differences between new developments in Russia and popular foreign markets, I would like to remind you of the importance of a thoughtful approach to choosing real estate abroad. We have covered many aspects: from the typical characteristics of apartments to mortgage lending conditions and infrastructure features.
Each country has its own unique features influencing this market. For example, in Germany we see a more stable and thoughtful approach to construction, where the emphasis is on comfort and quality infrastructure, while in Russia, despite the growing trends, compact apartments oriented towards mass buyers still prevail. I realize that each of these markets can offer its own unique opportunities for investment or comfortable living.
Important aspects of choosing real estate
- Market analysis:Study the characteristics of each region.
- Infrastructure:Make sure to check for the necessary amenities near your accommodation.
- Economic Environment:The analysis of the situation in the country is important.
- Cultural features:They can influence your lifestyle.
It is clear to me that when choosing housing in another country, it is essential to carefully analyze not only the price and characteristics but also the political and economic situation, infrastructure opportunities, and cultural features. This will help avoid unpleasant surprises that one might encounter, especially if you are planning a move or investments.
Final word
No matter how different the buildings are in various corners of the world, the choice is always yours. Be attentive and approach this important step thoughtfully, and your purchase will become a reliable foundation for the future! I hope our brief guide has helped you understand the nuances of the foreignreal estate market a bit better and has prepared you for potential questions and choices.
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