Putin announced the need for benefits for the purchase of housing on the “secondary”
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“Look, we are trying to support the industry and support families. If you still create some conditions for preferential purchase from the secondary market, what is in demand, would people want this? Still, this is also indirect, but it will also have a positive impact on the industry,” the president said.
Mutko said in response that now the secondary market is preferable for buyers due to lower prices. He also agreed with the President that resale incentives would also spur construction.
Formerly analysts VTB reported on the growth of the average mortgage rate in Russia by 1.65 p.p. – up to 8.3%. According to the bank’s analysts, the rate in the primary market is significantly lower due to state subsidies and the implementation of developers’ programs, in March it amounted to 5.5-5.7%. In the secondary market, the figure reached 10.3% in March. IN VTB they attribute such dynamics to the completion of “near-zero” programs, as well as to changes in the conditions for a number of state-supported programs. At the same time, in March, the average check for transactions in the primary market decreased by 6.7%, and in the secondary market it increased by 1.5%, they noted.
Earlier, the Central Bank linked the decline in housing affordability with preferential mortgages for new buildings, wrote “Vedomosti”. According to the director of the department of banking regulation and analytics of the regulator Alexander Danilov, preferential mortgages only accelerated housing prices, but did not make it more affordable for citizens – their incomes are growing much more slowly.
The preferential mortgage program for new buildings was supposed to end in 2022, but on December 29, the authorities extended it until July 1, 2024, raising the rate from 7 to 8%. In Russia, there are several more targeted mortgage state programs: family (6% per annum), for IT-specialists (5%), rural (3%) and Far Eastern (2%).
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