In Russia, on July 1, the program of mass preferential mortgages for the purchase of housing in new buildings at 8 percent ends.
The state program was launched in April 2020 to support the construction industry and citizens during the coronavirus pandemic. According to “Dom.The Russian Federation”, in total, more than 1.5 million loans were issued under the program, RIA Novosti writes.
“The preferential mortgage introduced in 2020 has greatly accelerated prices in the primary market, as demand has increased due to the growth of solvent buyers. Over the four years of its existence, the price of a square of new buildings in Russia has risen by 115%, that is, 2.2 times, to 135 thousand rubles,” commented Pavel Lutsenko, CEO of Mir Apartments.
After the end of the mass preferential mortgage program in Targeted family, IT, Arctic and Far Eastern mortgage programs will continue to operate in Russia.
Earlier it was reported that Sberbank increased rates on basic mortgage programs by 1.5 percentage points. The minimum rate has increased to 18.2% since Wednesday, June 5. The changes will not affect government-supported programs.
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