The preferential mortgage program “State support 2020” will remain available in 24 out of 85 constituent entities of Russia after the change in the conditions of this support measure from July 2, according to a study conducted by the real estate ecosystem of VTB “Square Meter”.
The program was launched by the government last April to support the construction industry and citizens amid the coronavirus pandemic. Initially, the maximum loan rate was 6.5% per annum, and the allowable loan amount was 12 million rubles. for Moscow, the Moscow region, St. Petersburg and the Leningrad region and 6 million rubles. for other regions. However, after July 1, conditions will change. The rate will increase to 7%, and the loan amount will decrease to 3 million rubles. for all subjects of the country.
According to the Central Bank, cited by the analysts of “Square meter”, now the average size of the mortgage in the primary market in Russia has grown to 3.9 million rubles. Average check up to 3 million rubles. at the same time, it was recorded in 24 regions, which are distinguished by a relatively low cost of real estate or a wide supply on the market.
Such regions include the Altai Territory, the Altai Republic, Kurgan and Pskov regions (2.3 million rubles), Ulyanovsk (2.4 million), Voronezh, Orenburg and Ryazan regions (2.5 million), Udmurtia (2.6 million ), Vologda, Kaliningrad, Penza, Rostov, Chelyabinsk regions, Krasnodar Territory and the Republic of Mari El (2.7 million), Kirov and Samara regions, Chuvash Republic (2.8 million), Bashkortostan, Karelia, Perm Territory, Sverdlovsk and Tambov region (2.9 million).
“Today, regions with an average mortgage check of up to 3 million rubles account for about a third of transactions in the primary market. We believe that under the new conditions this share may grow due to the fact that large developers will partially reorient their attention from megacities to regional markets, ”said Vyacheslav Dusaleev, General Director of the Square Meter Company.
In addition, in more than 30 other constituent entities of Russia, the average loan size for new buildings varies from 3 to 3.5 million rubles. Residents of these regions will be able to take advantage of the “State Support 2020” program if they make not the minimum initial payment of 15%, but 25% of the cost of the mortgage, analysts said.
Earlier, experts of the service for real estate search “Cyan” found that after changing the conditions of the “State Support 2020” program, Russians will be able to purchase only 19% of apartments on the primary market in cities with a population of over 500,000 people, while maintaining the minimum initial payment. So, in fact, clients from Moscow and Sochi will no longer be able to use the support measure. In St. Petersburg, the share of housing available under the program has decreased from 87 to 5%.
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