Nabiullina on preferential mortgages: to complete in the summer and not to renew

The Central Bank expects that the transition to targeted preferential programs will lead to a more balanced and healthy development of the mortgage market

 Набиуллина о льготной ипотеке: завершить летом и не возобновлять

The Central Bank supports the completion of preferential mortgages for new buildings this summer without further resumption of the program. This was stated at a press conference by the head of the Bank of Russia Elvira Nabiullina.

“As for preferential mortgages, our position is that one broad non-targeted program should expire in the summer and not be renewed. We have always supported targeted programs, including family mortgages,” Elvira Nabiullina said. “But the government has the prerogative here, how these programs will be designed,” the head of the Central Bank added, specifying that the regulator participates in the discussion of these programs.

According to her, mortgages with state support should be extended to people who need help in financing the purchase of housing, based on common socio-economic goals or within the framework of development programs for individual regions. For example, the family mortgage program, which the regulator supports, helps families with children to purchase housing and helps solve the demographic problem, Elvira Nabiullina explained.

The Central Bank expects that the transition from non-addressable to addressable programs will lead to a more balanced and healthy development of the mortgage market. “Yes, the pace of issuance and portfolio growth will slow down, but we still expect an increase in the mortgage portfolio for the year at the level of 7-12%. But these are not small figures, given that the mortgage portfolio has been growing at a high pace recently,” the head of the Bank of Russia noted. “In 2025-2026, in our opinion, the mortgage market should reach an equilibrium growth rate of 10-15%, taking into account all new state support programs,” she concluded.

The preferential mortgage on new buildings, which was launched almost four years ago, ends on July 1, 2024. The Central Bank has repeatedly stated that massive preferential mortgages lead to higher prices and a gap between secondary and primary housing. This ultimately reduces housing affordability.

The family mortgage also expires on July 1, 2024. However, Russian President Vladimir Putin has proposed extending the family mortgage program for another six years — until 2030. The rate will remain at 6% for families with children up to and including six years old. So far, the program parameters for limits, initial payment and rates for other participants have not been made public.


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