Krasnodar, 21 November – Yug Times. According to the Central Bank, in January - September 2019 the total volume of mortgage loans issued in Russia went down by 5% and equalled 1.96 trillion roubles. The total number of credits - 889,400 - also went down by 14% if compared with the same period of 2018. Due to that, the analysts began to speak about the end of the mortgage boom due to the rising prices for dwellings against a background of falling personal income. At the same time, the market players in Krasnodar province are in hopeful mood, asserting that the number of issued mortgage loans will increase soon.
According to the experts, one of the main factors of the upcoming regional boom is that the interest to mortgage loans is being warmed up by spectacularly low rates,
“Our positive forecast presupposes rise of the volume of mortgages averagely by 15% according to this year’s results,” Sergei Yatsenko, head of the Absolut Bank’s Krasnodar office, says. He adds that the market will keep up rising until the end of the year. “November and December are the ‘hottest’ months in the realty market, when the demand for flats and mortgage loans grows by 30 to 50% compared with the summer,” he states.
The Otkrytie Bank emphasises that the current market demonstrates absolute historical minimum as regards the rates of mortgage loans in Russia. What is at issue is usual mortgage, while with the help of the programs of governmental subsistence and individual programs of developers, the rates may be even lower. Of late, such mechanism has become one of the main growth drivers for mortgage loans. Our interviewees noted that the share of mortgage loans based on various state-supported privilege programs continues to grow.
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