The Cabinet of Ministers discusses the issuance of a family mortgage in the secondary housing market

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It is assumed that the preferential program will operate in regions where few new housing is being built. In addition, the option of providing housing for young and large parents who work in territories with advanced development is being considered

Кабмин обсуждает выдачу семейной ипотеки на вторичном рынке жилья

The government is preparing a report to Russian President Vladimir Putin on the possibility of providing a family mortgage in the secondary housing market. The document is currently under expert review. It is expected that work on it will be completed by the end of July, TASS writes.

In addition, proposals are being developed to provide housing for young and large families whose members work in priority development areas.

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How do experts assess the new conditions of a family mortgage?

Founder of the Mortgage Brokers Association, real estate expert Dmitry Rakuta:

— In general, the initiative is not new due to the fact that we currently have Far Eastern and Arctic mortgages, but, unfortunately, the Far East and the Arctic are not all regions of Russia. Therefore, in order to expand the geography of potential buyers of real estate, so that the population has the opportunity to improve their personal conditions, because we have quite a lot of cities in Russia, where in fact almost only the secondary market works and units of some new housing are being built, [this initiative has been put forward].

— In which specific regions will this family mortgage program for secondary real estate be valid?

— Most likely, these are remote regions, probably the Chukotka Region, the Yamalo-Nenets Autonomous Okrug, the Komi Republic. That is, basically it will either be the Far Eastern regions or the northern ones. But the northern ones are quite extensive, so the geography can be significant. But it is also possible to expand to the middle lane, everything will depend on how long the allocated funds will last. I think that this will be done gradually at first, systematically, where the shortage of new housing is felt especially acutely, after all, it is mostly in the north. As for the conditions, here, I think that perhaps there will be some kind of adjustment specifically on the conditions for obtaining opportunities, maybe they will add a mandatory residence permit, for example, in the region for five years after the transaction. That is, in general, the conditions for a family mortgage should remain the same as those that we currently have, but with some additional changes, perhaps.

Ilya Volodko, CEO of Macon Consulting Company:

“The availability of preferential programs exclusively in the market of new buildings still formed a rather serious imbalance in favor of the primary market. And therefore, strictly speaking, over the past four years we have seen very active price growth exclusively in the primary market, while the number of transactions and the price level in the secondary market have not grown as much as for new buildings. And yet, yes, indeed, the most important thing is that, in addition to large cities with millions of people and a dozen smaller cities where the primary real estate market is highly developed, the rest of Russia does not have such a developed primary market or, in principle, often does not have any primary market at all, that is, new housing is not being built there. And these cities have been deprived of the opportunity to purchase real estate on preferential terms for all these four years. And if this did not look like such a big problem until 2023, since mortgage rates on the secondary market were even more acceptable, now that the key rate has risen, mortgage rates on the secondary market have become prohibitive. There are about a thousand cities of different sizes in Russia. If we talk about those cities where there is a primary market in principle, then in fact it will be about 80-100 cities. And I think that if we talk about the population, then probably those cities where there is a primary market are about 40-50 million people, and about 100 million, about 90 million people of the Russian population are not covered by suitable programs in principle.”

Artem Tsogoev, Member of the Board of Directors of the SimpleEstate investment platform:

“A preferential mortgage for a secondary one is what many people in Russia dreamed of, because before that, the opportunity to buy an apartment under preferential programs extended only to apartments in new buildings. A secondary mortgage has always been a dream of many people, because there are not always ready-made new buildings, plus new buildings are often more expensive than a secondary one. Therefore, of course, if this is introduced in some regions, then demand will increase. I think that the demand for secondary in those regions where it is possible will grow by at least 20-25% from the current values.”

Meanwhile, Deputy Prime Minister Marat Khusnullin said that in the next three months the authorities will monitor the implementation of the Family Mortgage program, which was reissued on July 1. He admitted that a revision of its terms is possible in the autumn.

“The rate is high, we pay a lot of extra money from the budget, it’s hundreds of billions of rubles annually. We’ll see what the dynamics will be. If any measures are needed, we will take them to the government level,” Khusnullin was quoted as saying by TASS. To date, more than 1 million families have used such a mortgage.

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