The Central Bank of Russia announced that from May 30 it will limit the extremely low-rate mortgages issued after March 15, 2023. The relevant press release is published at: Web site regulator.
“The Bank of Russia discourages the issuance of mortgage loans with a total cost (TCP) significantly below the market level. For such loans extended after March 15, 2023, banks will need to set aside additional provisions as of May 30, 2023.
Earlier, it was reported that in January-March this year, the demand for new buildings in Russia increased. augmented increased by 4.8% compared to the last quarter of last year. At the same time, the supply of new buildings in the Russian Federation increased by an average of 49.9% during the year.
According to Dmitry Alekseev, head of primary real estate at Avito Nedvizhimost, the demand for new buildings in Russia in January-March was largely due to the extension of preferential mortgages, albeit at an increased rate, rates and discounts subsidized by developers.