The Bank of Russia expects that the size of the
mortgage lending market will continue to grow. According to the head of the bank, Elvira Nabiullina, next year the Central Bank includes in its forecast growth rates of about 20 percent per annum.
Nabiullina pointed out two reasons why there was a slight decrease in growth rates
mortgage lending. The first reason was the increase in rates. The second is a decrease in demand for refinancing
mortgages. “When rates went down, a lot of people just took refinancing, when rates started going up, people didn't. Therefore, we must look very carefully here," the head of the Bank of Russia said.
On July 1, 2019, the law on project financing came into force in Russia, according to which
purchase of an apartment in a house under construction will according to the new rules. From now on, developers are prohibited from attracting money from equity holders for housing construction. When
purchasing an apartment, citizens will make all payments through special escrow accounts in authorized banks. Construction companies will not be able to use this money until the completion of work, they will be credited by banks.
Earlier it was reported that the Bank of Russia for the third time since the beginning of the year reduced the key rate - from 7.25 to 7 percent per annum. The easing of monetary policy will lead to a reduction in bank rates, including on < a href="https://www.gjacip.ru/ipoteka/">mortgage loans. It is expected that by the end of November, the average
mortgage rate in the country may drop to 9.5 percent, and to 8 percent by next year, 5-9 percent.
