The expert assessed the consequences of reducing the share of preferential mortgages

The reduction in the share of preferential mortgages in the total volume of loans should be considered as an adjustment of the market by the regulator, and not as a refusal to support certain categories of citizens. Nikita Bakhcheev, Managing Partner of Promplan Group, told Izvestia on June 24.

"Today, preferential mortgage programs account for 55 to 80% of all loans in the country. Against the background of a high key interest rate, market mortgages remain inaccessible to a significant part of borrowers, so any changes in the parameters of state support inevitably affect the real estate market and the behavior of its participants," the expert noted.

According to Bakhcheev, it is important to separate citizens who purchase housing for their own needs and investment buyers. For most families, a preferential mortgage remains the only real tool for solving the housing problem. At the same time, some borrowers used such programs for investment purposes — to purchase several properties, purchase housing during the construction phase, lease it later, or save capital.

The expert said that the gradual reduction of such opportunities would be a signal to investors about the need to review strategies. The market, where real estate was used as a tool for additional income, will be transformed, and capital will begin to look for alternative investment directions.

At the same time, the key factor remains the level of the key rate. Preferential mortgages, according to him, should maintain a tangible advantage over market mortgages. The comfortable level of a regular mortgage in the current conditions can be estimated at no higher than 7-9%, however, in the near future, achieving such values is unlikely.

Preferential mortgages have helped 3.8 million families buy homes in five years.

At the meeting with Mutko, Putin called this issue one of the most sensitive for Russians.

On June 16, Deputy Finance Minister Ivan Chebeskov told Izvestia that the Ministry of Finance intends to reduce the share of government programs in mortgages to 25-30%. According to him, the share of government programs in mortgage loans in the primary market at the beginning of the year was about 90%.