The state will not stimulate mortgages during a period of high inflation in the country, said Deputy Prime Minister Marat Khusnullin at the International Housing Congress, quoted by Interfax. As soon as price increases begin to slow, the authorities will consider measures to support the industry, the Deputy Prime Minister promised.
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Khusnullin admitted that support measures could include “improving the situation with preferential mortgages.” The deputy head of government also pointed out that inflation in construction is 15 to 20% and is higher than the national average.
The annual inflation rate slowed to 8.63% in September from 9.05% in August. According to Rosstat, over the past week (October 8-14), inflation in Russia since the beginning of 2024 amounted to 6.06%.
As of October 14, the average mortgage rate for new buildings was over 23%. In both the primary and secondary markets, average rates reached their maximum values.
Mortgage rates are rising against the background of an increase in the key interest rate of the Bank of Russia. Now it is 19%: analysts allowed the rate to rise above 20% at the regulator’s meeting, which will take place on October 25.
On October 22, the government announced the allocation of another 446.9 billion rubles to subsidize preferential mortgages.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
