The demand for preferential mortgages after its restart from July 1, 2021 on new terms in the regions of Russia fell by 40-60% According to TASS, such data were provided by developers during a round-up on the results of the July survey of the United Resource of Developers (ERZ.RF).
The volume of applications for loans in the Moscow region decreased by 60%, said Vyacheslav Priymak, head of the mortgage products department of the Ingrad group of companies.
In Moscow, according to him, there was no significant drop, because the average buyer of the company’s new buildings with an average mortgage loan of about 15 million rubles did not fall under the state program before.
The statistics for the Leningrad Region are even “a little sadder,” said Maria Kononova, Marketing Director of the Mavis Investment and Construction Group. According to her, in general, in July, the number of applications for mortgage programs fell by about four times.
In Tyumen projects, the decrease in the number of mortgage applications as a whole amounted to about 30%, said Andrey Skosyrsky, commercial director of the Enko group of companies.
Pavel Petrov, Commercial Director of Dogma (Krasnodar Territory), estimated the decline at 40%. We communicate with bankers. I think some individual programs will quickly enter the market, ”he said.
The preferential mortgage, which became a meme after Vladimir Putin spoke about the 500 million Russians who received it, was extended until July 1, 2022.
The terms of the program, however, worsened significantly: the interest rate rose to 7% per annum, and the maximum loan amount was cut to 3 million rubles.
According to VTB, only in 24 out of 85 Russian regions, preferential mortgages will remain relevant for clients with an initial payment of up to 25%.
On the housing market in new buildings in large cities, less than a fifth of the available supply falls under the program. “With a minimum possible down payment of 15% of the cost of an apartment and a loan amount of 3 million rubles, the cost of housing should not exceed 3.53 million rubles. In general, in cities with a population of more than 500 thousand people and the number of apartments for sale on the primary market from 500 lots (26 cities), a fifth of the market falls under the new requirements – 19% of the total supply, ”says the chief expert of the CIAN analytical center Victoria Kiryukhina.
Changes in the conditions of the preferential mortgage program for new buildings can be equated to its cancellation in Moscow, the Moscow Region and St. Petersburg, where more than 90% of the supply volume is more expensive than 4 million rubles, as well as in the Leningrad Region, the Republics of Crimea, Tatarstan and the Krasnodar Territory, where this the share reaches more than 65%, says Dmitry Alekseev, head of primary and suburban real estate at Avito Nedvizhimost.
“In these areas, an increase in lending rates for the acquisition of new housing will lead to a reduction in the gap between the purchase of an apartment in the primary and secondary segments, which will be reflected in a shift in demand towards secondary real estate. At the same time, interest in the acquisition of objects worth 3.5-4 million rubles will decrease, as will purchasing activity in a more affordable category of housing within the limit – this is due to the already realized purchase of real estate by many Russians last year and the lack of income growth of the population throughout 2020 years, ”explains Alekseev.