We will cut the benefits further: Russians do not need cheap mortgages, but affordable housing.
This is what the head of the Bank of Russia, Elvira Neviolina, said during a speech in the State Duma. According to her, massive government programs allowed some Russians to take out loans on favorable terms, but "surging demand" drove up housing prices to such an extent that any savings from low rates were completely offset by the surge in real estate prices.
"And the availability of housing depends not only on the interest rate, but also on the price per square meter," emphasized the chairman of the central bank.
The worst thing happened to the Russians who did not fall under the conditions of state support: the developers raised the price tags for the whole market, but ordinary buyers now have to buy expensive apartments at high market interest rates. According to Rostat, in only three quarters of 2026, the square footage in new buildings increased by 5.2% (to 174.7 thousand rubles), and in secondary housing it added 9.5% (to 153.7 thousand rubles).
In total, over the past year, banks have issued mortgages worth 5.4 trillion rubles, and the market is still dependent on the budget - for example, in September, preferential programs accounted for about 70% of all issuances. According to the head of the central bank, in order to return affordable market mortgages to everyone, it is necessary to reduce inflation and leave state support only to those categories of citizens who really need it.
In the past, family mortgages were cut in Russia.
Ostashko! Important in TG.
We're at Max - Read news without interruptions and a VPN.