Irina Radchenko, Vice-President of the International Academy of Mortgage and Real Estate, called for understanding the details of the initiative to introduce preferential mortgages in small Russian cities.
“Here it is necessary to clarify immediately whether this preferential program will apply to primary or secondary housing. If we are talking about new buildings, then, in fact, nothing is being built in these small towns. If we talk about “secondary”, then nothing good will happen either, since everyone will rush to buy “secondary”, which will raise prices. Some kind of “Khrushchev” will cost like a villa in Spain. Such a solution, as they say, is neither a candle to God, nor a poker to hell. It is not for developers, because they do not build in small towns due to low incomes and a small population,” the expert said in an interview with NSN.
According to Radchenko, if the state is really concerned about the development of the private sector, then it is necessary to extend the law on project financing with strict supervision of contractors by banks.
“There are no specifics here yet. It’s not that Russians don’t want to build houses. The fact is that people take out loans, give them to contractors and fall for scammers. Nothing will work out until the law on project financing is extended with strict control of these contractors by banks, these are all very risky and labor-intensive schemes for parents with children. If they want to develop housing and communal services, then they need to launch “Low—rise Russia”, as they did “Low-rise America”,” she stressed.
Radchenko recalled that the Americans had a massive program at the government level, with the construction of roads, infrastructure and other things.
Earlier it was reported that Sberbank increased rates on basic mortgage programs by 1.5 percentage points.
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