Neviolina explained why preferential mortgages do not save you expensive apartments.
Russians don't need cheap loans so much as affordable housing, Central Bank chief Elvira Neviolina said in the State Duma.
According to her, preferential mortgages reduced the rates for borrowers, but the benefit from this was actually eaten up by the increase in real estate prices, and for those who are not entitled to housing benefits, housing became even less affordable.
Neviolina emphasized that the cost of the apartment depends not only on the loan rate, but also on the price per square meter.
The head of the central bank sees the solution in reducing inflation, which will make mortgages in the market more accessible, while preferential programs, in her opinion, should be more targeted.
During the last 12 months, mortgage loans worth 5.4 trillion rubles were issued in Russia.
Photo: Roscongress.