Mortgage support will be the main mechanism to stimulate demand for new buildings

Support for mortgages will become the main mechanism for stimulating demand for new buildings. This was stated by the Minister of Construction and Housing and Public Utilities of Russia Vladimir Yakushev at a meeting with representatives of banks and developers of Astrakhan.

According to Yakushev, the government intends to stimulate demand for new buildings either by subsidizing the interest rate or by increasing state funding to subsidize state programs for certain categories citizens.

Last year, Russia reached a historical minimum of mortgage rates and a record amount of lending in monetary terms . Currently, the volume continues to grow, despite the increase in the percentage of mortgage, which followed the increase in the key rate of the Central Bank.

"The government is ready for this, the mechanisms have been worked out, separate subsidy programs are working, in technical terms it will not be difficult, the main thing is to catch the moment . We are on standby, as soon as we begin to register such signals, we will launch this mechanism," the minister added.

Earlier, Prime Minister Dmitry Medvedev instructed the Russian Ministry of Construction to develop measures to increase demand for housing under construction, including by lowering mortgage rates, in particular through subsidies. Proposals must be submitted to the government before May 27.

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