The head of the central bank, Elvira Nabiolina, wants to dramatically change the real estate market. She said Russians don't need affordable mortgages, they need affordable housing.
According to her, during the last 12 months, the issuance of mortgages amounted to 5.4 trillion rubles. This is more than in the previous two years.
"Money goes to construction. It seems to me that the main thing is that in the end citizens don't need an affordable mortgage, but they need affordable housing," Neviolina said.
According to the central bank, housing can be made more comfortable through preferential programs. But all the benefits from this have been "eaten up" by the increase in prices. Neviolina is sure that the path to cheap mortgages is through low inflation. And preferential mortgages should, in her opinion, be strictly targeted.
Do you agree with Nabiolina's opinion?