FrankMedia: Low-rate developer mortgages accounted for two-thirds of all new home mortgages in 2022
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The share of subsidized mortgages from developers at near-zero rates accounted for two-thirds of all mortgages on new buildings, calculated in Frank RG. According to analysts, the popularity of mortgages from developers has increased dramatically over the year. Back in January, it accounted for 32% of all issued mortgages, by the end of the year the value had grown to two-thirds.
According to interviewed borrowers, they choose programs from developers because of the low interest rate on mortgages. Developers surveyed by Frank RG admitted that the low rate is paid by the client.
Earlier, the Central Bank noted that the difference between the cost of an apartment under classic mortgage programs and subsidized from the developer is 20-23%. The Central Bank believes that in the future the borrower will not be able to sell housing at the same cost, because the price increase will not cover the difference. The Central Bank also stated that such programs could lead to the creation of a “bubble” effect in the housing market.
Read more about the opinion of the Central Bank on mortgages at low rates – in the publication “Kommersant” “Thunderstorm of zero”.
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