On the 27th of April, the 14th All-Russian Mortgage Lending Conference opened in Moscow. As our special correspondent, Elena Matseyko, reports from the ground, the event’s participants have emphasized the efficient efforts of the Russian government and the RF Construction Ministry in the field of mortgage credit stimulation.
Subsidies have rendered support to the construction industry. According to director of the Financial Policy Department of the Ministry of Finance and Investments, Sergey Barsukov, 300,000 credits totaling 522 bln roubles have been subsidized by now.
The Sberbank chief analyst, Mikhail Matovnikov, pointed out a curious trend on the mortgage market: whereas in general the mortgage program is functioning successfully, clients are more prone to take out a loan to purchase existing homes rather than new builds.
In his opinion, there is a constraining factor – a borrower doesn’t have enough confidence that the object’s construction will be completed. Nevertheless, the mortgage market is one of the few market sectors that is showing growth.