Regional mortgage programs could be rolled out in Russia at the start of 2024, according to Anatoly Aksakov, head of the State Duma Committee on Financial Markets. He shared these remarks in an interview with the Parliamentary Newspaper, noting that the timeline remains subject to swift policy tightening and approvals. (Parliamentary Newspaper)
Aksakov indicated that a decision on launching regional mortgages is expected in the near term. Beginning in January, lawmakers plan to work closely with the Central Bank and the government to advance this initiative. He emphasized that regional mortgages would tie loan allocation to specific regions and localities, ensuring that funds reach the intended markets. (Parliamentary Newspaper)
“This approach ensures that resources provided at the federal level, or measures enacted by the Central Bank, are directed to the designated regions,” Aksakov explained. He urged continued collaboration between the government and the Central Bank to realize the program effectively. (Parliamentary Newspaper)
Earlier, Vyacheslav Volodin, the chairman of the State Duma, floated the concept of regional mortgages. Elvira Nabiullina, governor of the Central Bank, subsequently signaled support for the plan, reinforcing its political and regulatory backing. (Parliamentary Newspaper)
Aksakov also noted that existing regulatory and government rules would be sufficient to implement regional mortgages, pointing to a framework ready for deployment once the policy makers greenlight the program. (Parliamentary Newspaper)
There has been speculation about a renewed demand for mortgage lending in Russia as the new regional scheme edges closer to reality, with market participants watching closely how regional focus will influence pricing, risk, and accessibility. (Parliamentary Newspaper)
Analysts have highlighted three broad risks associated with purchasing apartments in Russia in the coming year, including regional disparities in availability, the impact of local economic conditions on loan performance, and potential fluctuations in housing demand. Observers stress the importance of clear regional targeting and well-calibrated credit criteria to mitigate these risks. (Parliamentary Newspaper)