Photo: Konstantin Kokoshkin / “Kommersant”
In the long term, the popularity of mortgages in Russia will decline. This is stated in a research note “Challenges and risks of debt financing of housing construction”, published by the Central Bank.
According to the forecasts of the Central Bank, the volume of mortgage lending in Russia may begin to decline after 2026-2028 years, when will be implemented the current demand for housing loans. In addition, the falling demand for mortgages will contribute to the growth of population mobility and the changing priorities of citizens — many prefer not to own a house and rent it.
“The paradigm shift behaviour of the new generations from home ownership to renting will reduce the demand for mortgages in the long term,” reads the note.
Experts believe that to support the demand for mortgages could subsidize the credit rates for certain categories of borrowers. “The decline in mortgage rates from 8 to 6 percent reduces the annuity payment on the loan for 10-12 percent, depending on the period, allowing families to purchase large square footage of the apartment than the mortgage at the market rate. The poll and “HOUSE.Of the Russian Federation” shows that an additional approximately five million families are ready to take a mortgage at lower rates to 6-8 percent,” indicate in the CB. However, analysts say the number of families that fall under the terms of the subsidy programs, much less so a significant increase in the demand for mortgages from such programs will not.
In General, experts say that the concept of a lease in Russia is underdeveloped — it with the development of market rental housing is able to solve the problem of improving housing conditions without additional construction of new homes.
In March 2019, a study was published indicating that most of the largest cities in Russia buying an apartment in the mortgage cheaper than renting with a simultaneous accumulation of funds for housing. The benefits of choosing a mortgage strategy is from 400 thousand to 50 million rubles, estimated by experts. Only significant save at the expense mortgage rent, the residents of Khimki, Moscow and Makhachkala.
Video, photo All from Russia.