Russians were told about the role of preferential mortgages in supporting the market
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- Russians were told about the role of preferential mortgages in supporting the market
The mortgage market has been showing a decline in loan issuance in recent months, and demand support is provided solely through preferential programs. This was stated by Svetlana Zubkova, Associate Professor of the Department of Banking and Monetary Regulation at the Financial University under the Government of the Russian Federation, PhD in Economics, at the Izvestia News Center on September 4 during a press conference on "The autumn real estate market: forecasts and Reality."
Zubkova pointed out that the statistics of the Bank of Russia show a lack of growth in lending volumes.
"Due to the statistics shown by the Bank of Russia, due to the volume of mortgage lending growth, there is practically no such growth. For many months now, they have been showing a negative value — an increase in the volume of issuance compared to previous periods," Zubkova said.
According to her, the mortgage market is heavily dependent on concessional lending programs that ensure its stability.
"Within the framework of concessional lending, the criteria that allow granting or not granting a loan under the program are very clearly limited. And if the borrower meets these criteria, then, of course, there will be no refusal," the expert concluded.
On August 28, financial market expert and economist Andrey Barkhota told Izvestia that secondary housing has fallen in price in a third of the country's regions. In the second quarter, the Central Bank recorded a decrease in the average price by 1 sq.m. m in 27 regions of the Russian Federation. The level of housing supply is sufficient to ensure that prices decrease rapidly in the face of a decrease in the number of mortgage transactions.
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