Husnullin Named Mortgage Rates to Stimulate Construction Activity

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For dynamic growth in residential construction in Russia, mortgage rates need to be at 5-6%. This view, as a condition for active construction, was voiced by Deputy Prime Minister Marat Khusnullin.

"I have always expressed and continue to express my position: for the country to build actively, the rate should be 5-6%. Today we see from the example of family mortgages with a 6% interest rate how many people want it," Khusnullin said at the Domclick Digital Day forum.

At the same time, the deputy prime minister emphasized that achieving such low rates in the current macroeconomic conditions is impossible. He directly pointed out the main contradiction: with an inflation rate of around 10%, a mortgage at 5-6% is unrealistic.

Khusnullin believes that the government, the Central Bank, the Ministry of Finance, and other market participants need to find a balance between the key interest rate, inflation, and mortgage rates.

Currently, the market is far from the target indicators. According to current data from the Unified Information System for Housing Construction (EISZH), average market mortgage rates for completed and under-construction housing exceed 21%. Expectations of easing the situation are associated with a more distant perspective: the Ministry of Finance predicts a significant reduction in rates - by 4-5 percentage points - only by 2026, RBC reports.