The abolition of preferential mortgages will not leave the market of new buildings without buyers
Alla Shinkevich, an expert on the St. Petersburg real estate market, spoke about how the possible abolition of preferential mortgages will change the housing market.
Alla Shinkevich, CEO of the «Nevsky Prostor» Real Estate Agency:
«Now the issue of preferential mortgages is especially relevant. According to current data, the government-subsidized preferential mortgage program at 8% should be closed, and it seems that it will not be extended. This is because changes have already taken place since December last year: for example, the possibility of obtaining a mortgage on preferential terms is now limited to one time in one hand. In addition, not all banks actively worked with this program, and sometimes even demanded additional payments from borrowers.
It is also worth considering that, despite the possible closure of the program at 8%, the family mortgage at 6% continues to operate, and many families with children actively use it. This program allows more people to become owners of their own homes, which supports the demand for new buildings, especially those that are close to handover
In recent years, the market for new buildings has been experiencing a real boom. Starting in 2021, when preferential mortgage rates were introduced, prices for new buildings jumped by almost 20%. Interestingly, the cost of housing at the excavation stage now sometimes turns out to be higher than the cost of ready-made housing in already commissioned complexes. This is due to the availability of cheap mortgages during the construction phase.
New interesting home purchase programs are now appearing on the market. One of these programs is an interest—free installment plan. You pay the down payment, then the next payment a year later, and the remaining amount three months before the handover. If you do not have the required amount by the time of handover, you can transfer this installment into a mortgage. This is especially beneficial because you do not pay interest during the entire construction period, but start payments only when the house is almost ready.
These conditions make the purchase of a new building especially attractive and affordable, allowing you to purchase housing at prices at the initial stage of construction, but with payments starting only upon handover of the property. This opens up new opportunities for those who are looking for optimal housing options».
Source: «Строительство.ru»
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