The Russians did not like one type of mortgage.

0 22

“Kommersant”: the share of priority mortgages issued in Russia decreased in August

In August 2022, Russians did not like prime mortgages – their share in the total issuance of home loans fell to 32 percent. Real estate experts came to this conclusion, Kommersant writes.

According to JSC Dom.RF, the share of state-supported housing loans has decreased every month since May 2022, when it was 48 percent of loans issued in a month. In total, about 42,000 preferential loans worth 221.9 billion rubles were issued in August; In economic terms, the result was the highest since the beginning of 2021. At the same time, in the segment of state-supported programs, 7 percent of prime mortgages for new construction continue – their share was more than 60 percent. Amount and number of loans.

According to Dom.RF analysts, by the end of 2022, more than 460,000 loans totaling 2.2-2.3 trillion rubles will be issued under the priority program. According to the results of the first eight months, 283,000 state-backed loans totaling 1.2 trillion rubles have already been issued.

According to Anton Pavlov, Vice Chairman of the Absolut Bank Board, a significant part of the demand for prime mortgages has already been realized. “But it is premature to say that it is over. Now Tuesday’s mortgage market is recovering. On the one hand, it will take back part of the demand. On the other hand, apartment sellers are returning to the market, most of them will invest the proceeds from the sale in the purchase of new real estate, even under the state program,” the expert explained.

Pavlov added that the provision of housing in Russia is at a low level: about 50 percent of households need to improve their living conditions. In this regard, the expert opines that government programs have a large potential audience. However, due to stagnant incomes and rising property prices, most households cannot afford a mortgage.

Another reason for the decline in demand for priority mortgage programs, according to Rusipoteka’s chief expert, is that the share of apartment buyers as an investment has decreased significantly.

Earlier, the head of the Central Bank of Russia, Elvira Nabiulina, warned Russians about the risks of near-zero mortgage rates. According to her, such offers are a marketing gimmick and designed to mislead borrowers.

*Translated based on article content lenta.ru. If there is any problem regarding content, copyright, please make a report below the article. We will try to process as quickly as possible to protect the author’s rights. Thank you very much!

*We want to make information more quickly and easily available with other multilingual content, rather than only available in one specific language.

*We always respect the copyright of the author’s content and always include the original link to the original article. If the author disagrees, report below the article, the article will be edited or deleted at the request of the author. Thank you very much! Best wishes!

For all the latest Economy News Click Here

Denial of responsibility! EODBA is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at amritpaljha@gmail.com The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.