During the coronavirus pandemic, the launch of the preferential mortgage program in Russia has become one of the most effective anti-crisis measures.

This was stated by the chairman of the Central Bank Elvira Nabiullina.

At the same time, according to her, the initiative must be started to curtail, since the rise in the cost of housing in the country has already blocked the effect of the rate cut.

Against this background, the head of the Central Bank proposed to further increase the availability of mortgage loans through targeted measures.

“In our opinion, it (preferential mortgage.

- RT

) should be more targeted in order to really work to increase the affordability of housing for people and not lead to overheating in the housing market,” Nabiullina emphasized.

In her opinion, preferential housing programs should be supported in regions with low construction rates and in those regions where the growth in real estate prices was insignificant.

In addition, the head of the regulator spoke about the possibility of expanding social programs.

“We see, for example, that the program is preferential for young families - it is not in great demand, not very large sums go, and, in our opinion, the criteria for support could be expanded here, including for young families in general, and subsidizing rates , for example, to do depending on the number of children, "- explained the Chairman of the Bank of Russia.

In addition, Elvira Nabiullina also mentioned the possibility of expanding the rural mortgage program on a permanent basis.

As the head of the Central Bank noted, in the near future the regulator plans to discuss relevant initiatives with the government and the banking community.

  • AGN "Moscow"

  • © Andrey Nikerichev

Recall that in April 2020, the authorities launched a preferential mortgage program at 6.5% per annum.

Initially, the initiative was designed for almost six months, but later the government extended its action until July 1, 2021.

You can get a loan at a reduced rate when buying apartments in new buildings worth up to 12 million rubles in the Moscow and St. Petersburg agglomerations, as well as up to 6 million rubles in other regions of the country.

According to DOM.RF, within the framework of the program, Russian banks have already issued more than 371 thousand loans for almost 1.1 trillion rubles.

Meanwhile, the boom in demand for preferential mortgages, together with fluctuations in the foreign exchange market in 2020, led to a noticeable rise in the cost of real estate in Russia.

“In the whole country, prices have grown in different ways.

In Moscow, for example, apartments in new buildings have risen in price by about 20%, in the secondary market the cost of housing has increased by 15%.

In other regions, the rate of price growth was slightly lower - on average, up to 12%, "said Konstantin Aprelev, vice president of the Russian Guild of Realtors, in an interview with RT.

Moreover, against the background of a decrease in deposit rates in the country, Russians began to actively withdraw money from bank accounts and invest their savings in real estate.

This state of affairs further increased the demand for housing and accelerated the rise in prices.

In an interview with RT, the vice-president of the International Academy of Mortgage and Real Estate Irina Radchenko spoke about this.

Russian President Vladimir Putin also drew attention to the problem of rising prices for housing.

In January, at a meeting on economic issues, the head of state announced the need to equalize real estate prices, including by increasing the volume of construction.

Later, the Russian leader instructed the government and the Central Bank to submit proposals on the implementation of preferential mortgage programs for the coming years by the end of March.

"The Government of the Russian Federation, together with the Central Bank of the Russian Federation, submit proposals on the procedure for the implementation of preferential mortgage programs in 2021-2024, including considering the possibility of lowering the interest rate under the preferential mortgage program for families with two or more children," the order says President on the Kremlin website.

  • RIA News

  • © Mikhail Klimentiev

As the founder of Balance-Platforma Levan Nazarov noted in a conversation with RT, the extension of the concessional mortgage program at 6.5% per annum after July 1 could lead to a new round of growth in real estate prices.

Moreover, such a decision would increase the likelihood of a bubble in the real estate market, the expert said.

Against this background, the Central Bank's proposal to curtail the initiative and launch targeted support should minimize risks for the housing sector, as well as stop the rush price rise, Nazarov is sure.

“The complete curtailment of the program or its preservation only in some regions where it is necessary will cool the market, and as a result, prices may slow down growth.

Targeted support for young families will enable citizens to purchase real estate at more favorable interest rates.

This, in turn, will support stable demand in the housing market, and will not let it sink, ”the expert concluded.