Russian Government backed mortgages raise property sales

RUSSIA / FSU POLITICS - In Brief 28 Jul 2020 by Alex Teddy
Data published by RBK on July 27 revealed that a program to support mortgages has helped the property market recover just two months after the end of general lockdown. Mortgage lending was up by 28% in June Y o Y. USD 36 billion was lent to buyers in June 2020. The Joint Credit Bureau collated the data.Close to 40% of the loans were government backed loans on residences. That is the core of the government strategy to revive the construction industry. The scheme was initiated in April 2020. Mortgages can have 6.5% interest maximum on new home purchases up to a limit of USD 175 000 in Moscow and St Petersburg and USD 88 000 elsewhere. Over that the 6.5% cap does not apply. The average mortgage rate has tumbled from 10.5% to 7.4% since July 2019.

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