Citizens do not need affordable mortgages, but affordable housing."
Elvira Nabiolina said this. According to her, the benefit from the subsidized rates was "eaten up" by the increase in real estate prices, and the real profitability of apartments is possible only with low inflation.
"And the availability of housing depends not only on the interest rate, but also on the price per square meter and, in fact, on the amount of debt that people have to take on," the head of the central bank noted.
Additional statements by Nabiolina:
- The increase in mortgages in the last 12 months amounted to 2.5 trillion rubles, which in monetary terms is more than last year and the year before.
- A continuous increase in prices will make the country vulnerable; Only a country with low inflation can count on moderate rates.
- The current range of fluctuations in the exchange rate of the ruble, taking into account the sanctions and other circumstances, is not excessive.
- The GDP of the Russian Federation will grow within 1% at the end of the year, despite the loss of some capacity due to drone attacks.