Citizens do not need affordable mortgages, but affordable housing, said the head of the central bank, Elvira Nabiolina, during a speech in the State Duma.
"And the availability of housing depends not only on the interest rate, but also on the price per square meter," she said.
She noted that preferential programs provided particularly affordable mortgage costs to its recipients, but this benefit was eaten up by rising prices, and those who were not eligible for preferential programs faced a drop in housing prices.
According to her, the path to affordable mortgages in the market is through low inflation, and preferential programs should be more targeted. Neviolina noted that mortgage issuance in the last 12 months amounted to 5.4 trillion rubles.