President Putin proposed expanding the Far Eastern mortgage program
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Vladimir Putin proposed expanding the Far Eastern mortgage program – preferential loans to 6 million rubles. at a rate of up to 2%. First of all, it is planned to raise the limits within the program – up to 9 million rubles. for those who are ready to purchase apartments with an area of 60 sq. m. m. The authorities are also ready to extend benefits to employees of the Far Eastern military-industrial complex. The increase in the limit is associated with rising prices – the average area of housing that can be purchased under the program has decreased significantly. The expansion is expected to increase demand for the program by 10% annually.
The Far Eastern mortgage program is planned to be expanded – on Tuesday, President Vladimir Putin, speaking at the plenary session of the Eastern Economic Forum, proposed adjusting its parameters to increase the attractiveness of the mechanism. Let us remind you that we are talking about a mortgage at a rate of up to 2% per annum for an amount of up to 6 million rubles—the program was initially designed until 2025, but then extended until 2030. Such loans can be taken out by young families under 36 years of age and single parents of the same age raising a child under 19 years of age, as well as participants in the Far Eastern Hectare and increasing labor mobility programs, teachers and doctors with more than five years of experience in government agencies in the Far East. 70 billion rubles are allocated for the program in 2023–2025.
The maximum loan amount will be increased to 9 million rubles – for those who are ready to purchase housing with an area of more than 60 square meters. m.
At the same time, Vladimir Putin initiated the inclusion of employees of the military-industrial complex in the Far East in the program. The question of the need to increase the limit was raised literally the day before – at a meeting on the implementation of the program for the development of Far Eastern cities, the head of the Ministry of Eastern Development Alexey Chekunkov noted that in 2019, as part of the program, citizens could purchase housing with an average area of 96 square meters. m, and today – only 56 sq. m.
As noted by the head of DOM.RF Vitaly Mutko, the increase in demand for housing and construction costs has led to the fact that since the start of the program, housing has risen in price by an average of 60% – if in 2020 the limit is 6 million rubles. While 85% of apartments were covered, now we are talking about only 40%. Now, according to him, “to buy an apartment of the desired size (more than 60 sq. m.), citizens have to solve an equation with three unknowns – either refuse to buy a home and save longer (not knowing what kind of housing they will be able to buy in a year or two) , either buy a smaller home, or – which is really bad – reduce the size of the down payment and take on often unbearable obligations.”
Within the framework of the program, a total of 79 thousand loans were issued for 344.4 billion rubles. Previously, the overall credit limit of the program was also increased – from 450 billion to 1.3 trillion rubles.
According to DOM.RF estimates, its implementation made it possible to increase the volume of housing under construction from 2.1 million square meters. m in 2020 to 4.9 million sq. m, and the housing supply – from 23.7 sq. m. m per person up to 25.5 sq. m. Expansion of the program, the state corporation predicts, will increase annual output by approximately 10%. VTB believes that the demand for Far Eastern mortgages in the new conditions may increase by a third. In general, the head of VTB, Andrei Kostin, considers this a logical step in the development of the program.
As Alexander Moor, head of the All-Russian Center for National Construction Policy, explains, increasing the loan amount is an attempt to stimulate even greater demand for housing. The expert does not see any risk that price growth will accelerate amid expansion: “The construction complex in the Far East is gaining momentum well, and in order for the market to be able to absorb those areas that were not used under mortgage programs, an additional opportunity is given.” According to him, increased loans will be in demand, since the cost per square meter in the Far East is one of the highest in the country, and therefore many apartments do not meet the limits.
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