Expert: The government may expand preferential mortgages to new preferential categories of citizens

CrimeaPRESS reports:

The government regulates the demand for housing at rising rates with the help of preferential mortgage programs and does not exclude the possibility of extending their action to new preferential categories, said Russian Deputy Prime Minister Marat Khusnullin.

We are looking at how mortgages work. We dispersed this machine by systematic work with governors, manual construction management. (…) Now the situation is more complicated, but we must look for mechanisms to get out of this. Maybe expand the preferential categories of citizens , — quotes Marat Khusnullin Interfax-Real Estate .

He stressed that the demand for the planned 120 million sq. m of housing per year is possible only with an annual growth in incomes of the population by 2.5 %.

This year, the growth of the Central Bank’s rate poses a certain threat to the development of this market. Mortgage — in this case as a regulator. We raised the rate, we lowered the mortgage — the money came to the market , — the Deputy Prime Minister explained.

At the same time 47% of the population, according to the government, will still not be able to afford a mortgage on any terms. For this part of Russians, the rental housing market will develop, both social and commercial.

In addition, rent increases the mobility of the population — and % of the Russians surveyed, according to the Deputy Prime Minister, declared their readiness to move to another region.

According to Khusnullin, there is a demand for rental housing among all segments of the population, from the richest (people come to Moscow and rent apartments) to the cheapest — from those who come to work.

The preferential mortgage program for new buildings at a rate of up to 6.5% per annum was launched in mid-April 2020 and was supposed to end on November 1. Subsequently, the program was extended until July 1 120 of the year. The maximum loan amount for housing in Moscow, St. Petersburg, Moscow and Leningrad regions was set at 8 million rubles, for other regions of the Russian Federation — at 3 million rubles.

In July, the authorities decided to extend the program until July 2022, but with an adjustment: raising the rate to 7% and setting the maximum loan amount at 3 million rubles for all regions, which sharply reduced its demand in regions with the most expensive housing.

As reported, the government of the Russian Federation is also discussing a draft law on the withdrawal of the rental housing market from the «gray zone».

We want to whitewash the current rental market (housing — IF). That rental market, which today is in the gray zone and which needs to be brought in from the shadows in order to ensure the safety and quality of those rental apartments that are rented out. And to ensure absolute security for the one who rents this apartment , — said Nikita Stasishin, Deputy Head of the Ministry of Construction of the Russian Federation.

Source: Interfax-Real Estate

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