The Central Bank noted that the massive expansion of concessional mortgage programs has led to a significant increase in prices for apartments in new buildings and the price gap between the primary and secondary housing markets. In this respect reports In the next issue of the Central Bank “Analysis of Financial Market Risks” magazine.
According to the Central Bank, the price difference between these segments reached 48% in the fourth quarter of 2023. Last year, the mortgage loan portfolio increased by 35%, reaching 7.8 trillion rubles, and the issuance volume increased by 62%.
“The main driver of growth is still government-backed mortgages, whose share in 2023 will account for 60% of all mortgage loans,” the Central Bank said.
The share of loans with down payments below 20 percent decreased to 17 percent in the fourth quarter of last year. This happened after banks increased the minimum contribution amount and capital requirements.
In order to limit risks due to the increasing debt burden of citizens, the Central Bank will increase the premiums for loans with high personal income taxes as of March 1, 2024. The issue of introducing mortgage limits to prevent risky loan issuance is also being examined.
Previously in the State Duma promise Return to discussion of the issue of regulation of real estate agents
Previously, suburban housing in Russia was significantly more expensive.