"The Russian government is raising the down payment on mortgage programs with state support in order to avoid overheating of the real estate market in the country. An increase in the down payment on a mortgage with state support will lead to a slowdown in the growth rate of consumer demand or its decrease in the primary real estate market, which will affect sales volumes and slow down the growth rate of prices for primary real estate, "the analyst believes.
According to him, the government will also reduce subsidies by 0.5% to banks that finance mortgages with state support.
Chernov added that in the secondary real estate market, we can also expect a slowdown in the pace and volume of sales, as "mortgage rates rose to 14% per annum."
"It will also lead to a slowdown in the growth rate of prices for secondary housing ... However, this will slow down the growth rate of profits for Russian developers and banks that participate in mortgage lending under the state support program, "the RT interlocutor concluded.
Earlier, the Cabinet of Ministers raised the down payment of preferential mortgages to 20%.