Housing prices in Russia will begin to fall after the abolition of privileged mortgages from July 1, the chairman of the State Duma Financial Market Committee, Anatoly Aksakov, said in an interview. RTVI.
According to him, the end of the program will reduce the demand for concessional mortgages to zero and prices will begin to fall. Aksakov noted that the housing market was already showing a downward trend due to the tightening of the Central Bank’s lending conditions.
“Almost 100% of mortgage loans today are made on benefits. As a result, market equilibrium and market laws are violated. Unfortunately, there were even cases of abuse, because many people who took advantage of this advantage took out more than one mortgage loan,” Aksakov said.
According to him, for housing prices to become market prices, the majority of borrowers must have market interest rates.
The parliamentarian stated that aid will continue for large families, SVO members and those living in repressed areas. 35% of preferential mortgages are concentrated in Moscow and the Moscow region.
Before this, the State Duma had made the following call: to develop co-ops and rental housing instead of concessional mortgages.
Previous experts was recorded A sharp decline in mortgage demands in the Russian Federation.