The State Duma working group assumes that the regions where the program will be implemented should determine which areas should be supported by concessional mortgages, in agreement with the Russian government.
“This will depend on the need of the regions for certain experts or the development of certain regions. Aksakov noted that the working group will continue its activities together with relevant departments to develop appropriate recommendations to the government of the Russian Federation.
The MP explained that the working group is preparing proposals for discussion in the government, since the Council of Ministers determines the parameters of preferential mortgage programs.
According to parliamentarians, when developing parameters for preferential programs for the purchase of housing, the need for specialists required by certain regions should be taken into account, as well as the possibility of purchasing multi-room apartments. So actually providing support to large families and increasing the birth rate.
“Currently, the share of one-room apartments under construction is 53 percent, the share of two-room apartments is 33 percent, and the share of three-room apartments is 13 percent. Of course, one-room apartments with an area of 35-45 square meters. I do not contribute to improving the living conditions of families with children.
“For this reason, a holistic approach needs to be ensured when developing the conditions of preferential programs,” he said.
According to him, construction should be planned according to the needs of categories of citizens who will have the opportunity to benefit from the preferential program, and the cost of apartments should be linked to the purchasing power of citizens.
“Therefore, we can try to evaluate an approach in which the state can set price targets by taking into account its targets and shares in preferential programs. Although I understand that this is not an easy and perhaps impossible task. You cannot fool the market,” Aksakov said.
He admitted that there will be no different rates in different regions of Russia within the framework of a single concessional mortgage program.
“But differentiation of the size of the subsidy can be used depending on the solvency of citizens and the cost of housing in different regions of Russia,” Aksakov said.
Albert Koroev, head of the department of stock market experts at BCS World of Investments, agrees that support should be targeted.
“We have already seen that the more general the conditions, the faster property prices rise. In my opinion, subsidies in the regions can act as such a support measure,” Koroev said in an interview with socialbites.ca.
Will mortgage loan interest rates decrease?
Associate Professor of the Department of Accounting and Taxation, Department of Basic Financial Control, Main Control Directorate of the City of Moscow named Analysis and Audit REU. GV Plekhanov Dmitry Osyanin told socialbites.ca that in the future, subsidies for low-income citizens, taking into account housing costs in the regions, can ensure more efficient use of state budget funds.
“Thus, subsidies will be distributed taking into account the real needs of citizens and the characteristics of each region. Allocating money to subsidize mortgage rates could also help make mortgages more affordable for citizens.
“However, if such suggestions are implemented, it is difficult to predict exactly how much housing loans will decrease and how affordable housing loans will become,” he said.
According to him, this depends on many factors, including the economic situation and the decisions of the Russian authorities in certain regions.
“The proposal to introduce different amounts of subsidies for citizens to purchase housing, depending on the solvency and cost of housing in different regions, could be a good step to stimulate the development of the real estate market and will facilitate access to housing. population,” the economist added.
According to him, the introduction of subsidies of different amounts will make it possible to more accurately take into account the individual circumstances of each citizen and adapt to his ability to pay mortgage loans.
“For example, such subsidies should be aimed at low-income citizens, which will allow them to have affordable housing even with limited financial resources,” Osyanin said.
According to him, the result of the introduction of such a subsidy system may be a decrease in mortgage rates.
Andrei Loboda, BitRiver’s economist and communications director, admitted that targeted concessional mortgages have a real chance of success.
“It can cover 3% to 5% of the population living in the Far North, Far East and regions with noticeable population decline. There is tremendous potential for the development of concessional mortgage programs in the field of individual housing construction. “The fact that families live in private homes will add a visible positive dynamic to the growth of the birth rate in the country,” he said.
According to him, priority should be given to the implementation of targeted programs.
“The public, not the banks, should feel comfortable in the mortgage market. Loboda stated that if the state implements a strong ruble policy, the seriousness of the problem will decrease visibly.
In his opinion, lending rates today are simply prohibitive (in some cases market mortgage rates reach 25%), and the ruble, which has become cheaper relative to currencies and expensive in lending, does not bring happiness either to ordinary people or to the market. participants.
“The optimal cost of a mortgage seems to be 5% per year or lower, but it will be difficult to reach that figure next year,” Loboda said.
Alexey Voylukov, Deputy Chairman of the Russian Banking Association, explained in an interview with socialbites.ca that the decrease in interest rates on loan products depends not on the type and differentiation of rates, but on monetary policy and the general economic situation. situation in the country.
“As soon as the Bank of Russia begins to soften monetary policy (reduces the base rate from 16% – socialbites.ca), concessional mortgage rates will begin to adjust downward,” the banker emphasized.