President of the Central Bank of the Russian Federation Elvira Nabiullina said that the cost of new buildings in Russia has increased by an average of 90 percent in the last three years. TASS.
“The debts given to the population are increasing, especially in mortgage loans. There are very high growth rates here; plus 32% on an annual basis. So in 12 months the mortgage portfolio increased by a third,” said Nabiullina.
At the same time, the rate of wage growth in Russia during the same period was twice as low. Nabiullina explained this situation by the active growth of mortgage loans.
“This leads to an increase in housing costs,” the Central Bank governor said.
Before that, the head of the Central Bank had spoken in favor of restricting preferential mortgage programs on a broad front, as they were justified solely as anti-crisis measures.
At the beginning of October, experts were already said “socialbites.ca” about the presence of signs of overheating in the housing market. They also cited concessional mortgages as one of the reasons for this, but according to them, this caused overheating only in certain parts of the country.
Secondary resale prices in Russia before reached peak and came down.