Bashkiria National Bank proposes to reorient preferential mortgages to small towns and villages

Financiers propose to reorient preferential mortgages to small towns and villages. The Governor of the National Bank of Bashkiria, Marat Kashapov, speaking at a round table on financial policy in the State Assembly - Kurultay of the republic, pointed out that the real estate market primarily revived in large cities.

Thus, within the framework of project financing (using escrow accounts), 90.6% of housing is being built in Ufa. Large villages account for 1.8%.

The volume of mortgage loans in the republic increased by 41% - from 86 billion rubles in 2019 to 122 billion rubles in 2020. Preferential mortgage accounts for 76%. Of these, 66% are mortgages at 6.5%, 19% are rural mortgages, 15% are family mortgages.

The average price in the primary market in 2020 increased by 11% to 70 thousand rubles per square meter. In Ufa, the average price per square meter increased by 5% over the past year and amounted to more than 74 thousand rubles. The average cost of an average Ufa apartment increased by 2.7% - up to 4.18 million rubles. The growth in the new housing market has led to an increase in prices for the existing housing".

In general, preferential mortgages have led to a growth in prices and a decrease in housing affordability, experts say. In their opinion, the preferential mortgage program should be reoriented to small towns and villages. It is necessary to stimulate the housing and construction savings program (over the past year, the number of participants decreased by 11.6%, now about 10 thousand people are saving up for the initial payment under this program).

As it became known in March, Bashkiria was included in the number of 24 regions where it was decided to extend the preferential mortgage program. The National Bank commented that the Russian government would decide on possible differentiation.