Elizaveta Danilova, Director of the Financial Stability Department of the Central Bank of Russia (CB), said the regulator has noted an increase in housing affordability in the Russian Federation. She said this in an interview with the TV channel, she. “Russia 24” Within the framework of the Financial Congress.
According to Danilova, this is facilitated by stabilizing prices and increasing citizens’ incomes in real terms. At the same time, the economist noted that it is not worth waiting for a decrease in mortgage rates, as there is currently an increase in yields on long-term federal credit bonds (OFZ), along with increased pro-inflation risks.
Danilova added that interest rates are not the only factor that matters for mortgage demand. According to him, the affordability of housing is also determined by real estate prices and incomes of citizens.
“On the contrary, we have good news here. According to the data for the first quarter, we see that our prices have stabilized, a little downward correction in the primary market, which makes housing more affordable, ”said the head of the financial stability department of the Central Bank of the Russian Federation. .
According to him, the increase in the income of citizens from January to April this year was 4.2% in real terms compared to last year.
Prior to that, a study by Vyberu.ru financial market analysts showed that in the second quarter of 2023, Russian interest in mortgage products increased. collapsed increased by 24% compared to the first quarter.
former Central Bank declaration about a possible increase in key rate.