Putin announced the extension of the Far East mortgage “at least until 2030”
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Russian President Vladimir Putin, during his speech at the Eastern Economic Forum, said that the Far Eastern mortgage program would be extended until at least 2030.
“Considering [ее] demand and effectiveness, I propose to extend it at least until 2030,” Putin said (quote according to TASS).
The President clarified that starting this year, not only young residents of the Far East, but also doctors and teachers, regardless of age, can receive a Far Eastern mortgage.
Putin announced the extension of the program the day before at a meeting with the head of Primorye, Oleg Kozhemyako. However, then the President did not specify the timing. Earlier, the head of the Ministry for the Development of the Far East and the Arctic, Alexei Chekunkov, asked Putin to extend the program until 2030. Chekunkov noted that the initiative ends as early as 2024, but large developers “have just begun to turn towards the Far East.”
The Far Eastern Mortgage program was launched in Russia in 2019. The main goal is to improve housing conditions in the Far Eastern Federal District (FEFD) and develop the local construction market. Previously, only local residents could get a loan, then the preferential program under the labor mobility program was expanded to include people who move to work in the Far East.
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