The change in the limit under the state program has had a particularly noticeable effect on housing affordability in Kazan
After updating the terms of the IT mortgage in Kazan, it became possible to buy only a one-room apartment without additional payments. This follows from a study by the CIAN company (the editorial office has it), which is based on new program data and information on the average cost of apartments in million-plus cities.
According to the new rules, the maximum loan amount for an IT mortgage is 9 million rubles. for all regions of Russia (previously, in cities with millions of people, it was twice as much – 18 million rubles). At least 20.1% must be made as an initial payment (which is about 2.3 million rubles. for the maximum possible loan amount). Thus, without additional payments on an IT mortgage, you can buy an apartment worth up to 11.3 million rubles.
According to CIAN, among all millionaires who have fallen under the updated IT mortgage, in Kazan this amount is only enough to buy a one-room apartment.
In Nizhny Novgorod, Krasnodar, Yekaterinburg and Samara, the loan amount will be enough to purchase a two-room apartment. In other millionaires, an additional payment will not be required when buying a three-room apartment.
Average housing prices in new buildings in million-plus cities covered by IT mortgage programs
| A million-strong city | Studio apartment, million rubles. | One-bedroom apartment, million rubles. | Two-room apartment, million rubles. |
|---|---|---|---|
| Kazan | 9,8 | 12,8 | 16,1 |
| Nizhniy Novgorod | 9,2 | 10,8 | 15,0 |
| Chelyabinsk | 7,2 | 8,1 | 8,4 |
| Novosibirsk | 6,8 | 8,5 | 10,8 |
| Omsk | 6,5 | 9,1 | 10,9 |
| Krasnodar | 6,5 | 9,4 | 11,7 |
| Ekaterinburg | 6,4 | 8,7 | 11,7 |
| Ufa | 5,9 | 8,1 | 9,6 |
| Krasnoyarsk | 5,7 | 8,0 | 10,9 |
| Samara | 5,7 | 8,6 | 13,3 |
| Rostov-on-Don | 5,6 | 7,8 | 10,1 |
| Voronezh | 5,2 | 7,3 | 9,0 |
| Perm | 5,1 | 6,7 | 8,9 |
| Volgograd | 4,9 | 7,4 | 9,4 |
Source: “CYANOGEN. Analytics” based on data from Dom.RF
According to the CIAN, changing the conditions for IT mortgages will lead to a decrease in its demand in cities with millions of people by 5-10%. In this proportion, analysts estimated the number of IT specialists who need more spacious apartments, but who are not ready to pay extra. Some reduction in the number of borrowers will also be associated with an increase in the loan rate (it was 5%, it became 6%) and new requirements for accreditation of IT companies.
However, the main contribution to the decrease in demand will be made by the exclusion of Moscow and St. Petersburg from the program, the CIAN stressed. Since the beginning of 2024, these two regions have accounted for 42% of loans issued on IT mortgages (29% and 13%, respectively). “As a result, the new conditions of the IT mortgage, according to our estimates, will reduce its potential by about half relative to its availability in the first half of the year,” sums up the expert of CIAN.Analysts” Elena Lapshina.
The terms of the IT mortgage have been changed since August 1, 2024. It has been extended until 2030, but both capitals are no longer covered by it. At the same time, the maximum loan amount has been equalized for all regions, although salary requirements are still different and depend on the population of the region. Read more about the new conditions of the program in the material of RBC-Real Estate.
According to the results of July 2024, Domclick analysts recorded a redistribution of mortgage demand in the Northwestern Federal District, in particular in St. Petersburg, which, along with Moscow, formed the basis of demand for IT mortgages. The share of new buildings in the issuance of savings in the North-Western region as a whole in July amounted to 19.6%, while the average for the first half of the year was 36.9%. In St. Petersburg, the indicator decreased from 46.6% to 25.6%.
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