The introduction of preferential mortgages in the secondary housing market is complicated by the need to allocate large funds for such purposes, Russian Deputy Prime Minister Marat Khusnullin said on Thursday. In this respect reported RBC.
“Of course, lowering mortgage rates on second homes would be a huge plus, but it would require a lot of money. We support the primary market with the help of the state.”DEA News“.
According to him, now about 70% of housing is sold on the secondary market, 30% – primary.
Khusnullin emphasized that the key issue to sustain the secondary market is to lower the key rate after the fall in inflation.
“If the key rate is lower, there will be no need for subsidies,” said the Deputy Prime Minister. Khusnullin admitted that the mortgage rate on ready-made housing is now quite high.
According to the results of January-March 2023, the average mortgage rate in Russia increased by 1.65 points to 8.3% year-on-year. However, it is in the new building market where the lowest mortgage rates are still maintained. In March, according to VTB estimates, the average mortgage rate in the primary housing market was 5.5-5.7%, and the “secondary” – 10.3%.
Today, almost all existing preferential mortgage programs apply only to the new building market. The issue of introducing benefits for secondary housing has been repeatedly raised.