The Ministry of Construction of Russia considers it expedient to extend the preferential mortgage program for new buildings at 7% after 2022. This was reported to Izvestia in the press service of the ministry.
“At the same time, it will be necessary to proceed from the results of practical implementation and make a joint decision with the government of the Russian Federation,” the department added.
Now the demand for housing is falling – up to 12% for secondary housing and up to 23% for primary housing, and the supply is growing, said Alexander Yakubovsky, a member of the State Duma Committee on Construction and Housing and Communal Services.
According to co-owner of Rodina group Vladimir Shchekin, demand will remain low for now. Of great importance will be the likely decision to extend the program of preferential mortgages for new buildings. If it is not adopted, there could be a sharp surge in transactions in the last months of 2022, the developer added.
“On the one hand, the current key rate of the Central Bank of 7.5% provides an opportunity for fairly profitable proposals without the participation of the state, and in the face of unprecedented pressure on the Russian economy from Western countries, it is important that a balanced budget fulfills and solves all social tasks. On the other hand, the construction industry is one of the key ones, and the preferential mortgage program is a measure that stimulates demand aimed at supporting it,” said Alexander Yakubovsky.
Read more in the exclusive Izvestia article:
This bill means: mortgage payment in two years rose to 75%
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