According to Deputy Finance Minister Aleksey Moiseev, the transition to project financing of construction will not cause real estate prices to rise.
“In any case, the borrower de facto took borrowed funds from a citizen. Only this was not expressed in the interest rate, it was expressed in the discount that the developer paid when buying an apartment. If a person buys at the foundation stage, say, 30 percent cheaper, then these 30 percent of the difference are essentially the interest rate for using the money. By and large, we do not see serious reasons for price growth here,” TASS reports Moiseev.
At the same time, according to Moiseev, escrow accounts will reduce the cost
buying an apartment with a mortgage. “As for mortgages, mortgages will be cheaper because banks will understand that the protection is higher,” the deputy minister said.
