How to increase the availability of mortgages in Russia? Expert opinion

We continue to discuss together with experts what the authorities, banks and developers can do to increase the availability of housing loans in the Russian Federation.

Как повысить доступность ипотеки в России? Мнение специалиста

This time, Tamara Kolomiytseva, Commercial Director at AVA Investment Holding, shared her opinion on the issue.:

Despite the extension of the family mortgage and maternity capital program in March this year, in general, the volume of loans under preferential mortgage programs has significantly decreased recently. There have been significant changes in the procedure for granting loans, and conditions have tightened. In particular, the minimum down payment has increased, and the “one borrower – one preferential mortgage” rule has begun to apply.

Large banking structures have also changed the policy of issuing mortgages, giving preference to clients of those developers who are willing to subsidize such loans. Industry experts note that in the future, other participants in the banking sector will follow this example.

In this regard, modern developers need to build reliable and mutually beneficial cooperation with banks in order to provide the most comfortable conditions for apartment buyers. Today, joint mortgage programs are one of the effective tools that increase the availability of housing loans for the population due to more attractive loan conditions. At the same time, subsidized programs offered by large developers are often more profitable for buyers than a standard mortgage with state participation.

In addition, large developers are already offering the market their own tools that stimulate demand – promotions, discounts and installments. All these mechanisms are also aimed at improving the conditions for the purchase of housing.

An increase in the maximum loan amount could help to increase the effectiveness of mortgage instruments. At the moment, in Moscow, the Moscow region, St. Petersburg and the Leningrad region, the limit on preferential mortgages is 6 million, as in other regions.

Taking into account the fact that in a number of Russian regions the weighted average cost per square meter of housing is approximately the same as in the capital, the established maximum loan amount limits demand and affects the availability of housing for a wide range of buyers.

For example, in Sochi, the weighted average price per square meter exceeds 500 thousand rubles. The cost of housing in this city is primarily influenced by the large migration flow and the demand for real estate by the sea. Therefore, it can be assumed that the maximum loan amount here should be 12 million rubles.

News on this topic on January 26, 2024, the interlocutors of the editorial office also said that new buildings in 2024 will rise in price by no more than 4-5%.


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