Volodin said that developers should not be allowed to reduce housing affordability
Developers should not be allowed to reduce housing affordability by raising prices in response to lower mortgage rates. State Duma Speaker Vyacheslav Volodin spoke about this in his Telegramchannel.
Volodin noted that mortgage programs with state support in Russia are becoming more targeted. The government believes that in this way it will be possible to more effectively help citizens in need of improved housing conditions and stop attempts to make money on real estate through the program. The chairman emphasized that cases where borrowers took out several mortgages at once in order to earn money led to an increase in prices for new buildings.
Developers are also standing in the way of increasing housing affordability. “Interest rates are reduced at the expense of the state, and developers immediately increase housing prices, forcing people to take out large loans. It is unacceptable. We plan to discuss the issue with the Ministry of Construction – prices for apartments should be under control. Our task is to provide people with housing, and not developers with super incomes,” Volodin wrote.
Earlier, the Bank of Russia allowed the extension of preferential mortgages for new buildings for some Russians. The program may remain available to specific social groups or regions.
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