Irina Radchenko, vice president of the International Mortgage and Real Estate Academy, said that increasing the concessional mortgage down payment from 15% to 20% will not reduce housing prices, but will affect the demand for apartments. In his interview with NSN registeredDevelopers’ inability to reduce housing costs due to rising costs.
Radchenko notes that many buyers who do not have sufficient savings will not be able to get a mortgage with an increased down payment. For example, for Moscow, 20% when buying a one-room apartment for 15 million rubles is at least three million rubles.
“Not everyone has that kind of savings, and it’s just the bare minimum. Therefore, demand will decrease and there will be fewer customers,” the expert is convinced.
Radchenko added that developers’ costs have increased, so they will definitely not reduce prices anymore. The costs included the need to increase immigrant wages, rising loan interest rates, and rising construction materials prices.
“That’s why they’ll keep prices low, not because life is good; no one wants to work at a loss,” he concluded.
Russian Government augmented The minimum down payment for government-backed mortgage programs is up to 20%. These changes will affect loans where the agreement goes into effect on September 20.
Tatyana Bunegina, formerly the founder and owner of the Bestate real estate investment agency, financial advisor to the Central Bank of the Russian Federation statedIt is stated that the adopted changes will force Russians to take a more thoughtful and conscious approach to buying a house, reduce risks and reduce bank defaults on mortgage loans.