According to the head of the Central Bank, either an overestimation of the price of an apartment or a sharp increase in payments are behind the “lures”.
The head of the Central Bank of Russia, Elvira Nabiullina, said that the market regulator will fight various schemes that have “blossomed” in the housing market amid the completion of the preferential mortgage program with state support. She made such a statement at a meeting of the Council for the Development of the Financial Market under the Federation Council.
“Before the completion of the broad preferential program, these schemes flourished again with renewed vigor. What is not there: installments, so-called cashback, and very preferential rates. But behind all these “entanglements” there is either an overestimation of the price of the apartment, or a sharp increase in payments subsequently. And all this is opaque and confusing for people,” Elvira Nabiullina said.
Last week, the Central Bank sharply raised the key rate from 16% to 18%. Thus, market-based mortgages, the minimum rates for which can exceed 20% per annum, will still remain inaccessible to most Russians.
Last fall, Nabiullina announced signs of overheating in the mortgage market. In her opinion, the high growth in the rate of housing lending contributed to an increase in prices and an increase in the cost gap between secondary and primary housing, the head of the Central Bank noted.
In 2022, the Central Bank began fighting near-zero mortgage rates from developers. Nabiullina called such rates misleading borrowers, who often buy an apartment at an inflated cost.
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