‘Limit on preferential mortgages for million-plus cities should be increased to at least 9 million’

The limit on preferential mortgages for million-plus cities, excluding Moscow and St. Petersburg, should be increased to 9 million rubles. Iskander Yusupov, the deputy director general of Unistroy developer company, told about this live on the air of Realnoe Vremya.

“The limit, maximum amount of the loan, which is 12 million in Moscow and St. Petersburg, and 6 million in other cities, is not enough, of course. Because there is a real situation now that state support is only for one-room apartments, because if a two-room apartment now costs 10 million, then 6 million is a small amount, a large initial installment. Historically, people have only 15-20%. That is, if it was at least 9 million in million-plus cities, I'm not saying all over the country, it would, of course, would be a great help for the market," the speaker said.

Iskander Yusupov added that the primary housing market strongly depends on the situation in the secondary market. He drew attention to the fact that in 80% of cases citizens need to sell something to buy a two- or three-room apartment.

“Accordingly, the secondary market is stalled, we have a smaller number of apartments being sold, and mostly small-sized ones," said Iskander Yusupov.

To date, the maximum amount of a mortgage loan using a preferential rate has been determined for Moscow, St. Petersburg, Moscow and Leningrad regions in the amount of up to 12 million rubles, in other regions of the country — up to 6 million.