The conditions for issuing preferential mortgages have been changed. Experts believe: the availability of new buildings will decrease, prices will not go down

CrimeaPRESS reports:

The Russian government changed the conditions for issuing loans under the mortgage program with state support, according to which a new building could be “borrowed” at 8% per annum. From now on, in order to enter the program, you need to make an initial payment not 20% of the total amount, but 30%. And this applies to both housing in new multi-apartment buildings, as well as the construction of a private house or the purchase of land for construction. Officials describe this measure as aimed at improving the quality of loans.

In addition, a decision was made to limit the maximum size of a preferential mortgage loan for all regions, including capital cities, to 6 million rubles. At the same time, an exception was made for programs designed for the Far East and the Arctic — here the loan amount, on the contrary, increased from 6 million to 9 million rubles.

What do real estate market experts say about this? In fact, most of them are not in a “rosy mood” when anticipating such a situation. They say the moves will reduce the availability of new buildings. Thus, experts of the CIAN online service in their Journal about real estate initially stated that such measures, if adopted, would lead to:

According to our preliminary assessment, the proposed changes will remove 25–30% of potential buyers from the market, — said the head of Cyan.Analysts Alexey Popov. — At the same time, in the short term, another period of rush demand is likely, when buyers will buy for future use before “everything is cancelled.”

Service specialists are confident that increasing the down payment amount will be a very critical moment for many borrowers. At the same time, it is emphasized that the number of proposals — based on the limitation of the maximum size of preferential mortgages — will be significantly reduced in the central regions of the country, formally (by 10%) will increase in other regions, but in fact the real availability of housing in new buildings will decrease.

At the same time, there is a point that may help someone solve their housing problem with the help of a mortgage loan. The State Duma of the Russian Federation intends to discuss the possibility of doubling the loan amount for a family mortgage, “tailored” for cities with a population of over a million. That is, from 6 million to 12 million rubles. This proposal is essentially an “echo” of the urgent “recommendation” of Russian President Vladimir Putin on the need to extend this program after July 2024, which he voiced during the direct line.

This proposal was made by the first deputy chairman of the State Duma Committee on Construction and Housing and Communal Services, Vladimir Koshelev. In his opinion, this will allow more Russian families to buy new housing, in addition, people will be able to purchase spacious three- and four-room apartments, which are in demand among family mortgage participants— voiced by TASS website CIAN.

It is also worth noting that such a measure, according to the parliamentarian, should not lead to an increase in prices for new buildings, because it is targeted. Let us recall here that the family mortgage program was launched at the beginning of 2018 and still “keeps” the loan rate at 6% per annum.

And finally: is there a scenario where the cost of “newly built” squares will go down?

We should not expect a reduction in prices for new buildings now. Customers, especially in the premium segment, enjoy significant savings. And developers have many convenient marketing tools in their arsenal to attract buyers. Consequently, demand will remain at a stable level, and there will be no prerequisites for a downward price correction yet— quotes CYANOGEN commercial director of Optima Development Dmitry Goleva.

Crimea news | CrimeaPRESS: latest news and main events