Husnullin: With Interest Rates Above 12%, Mortgage Market May Not Reach Anti-Crisis Minimum of 4-5 Trillion Rubles

© ООО "Региональные новости"

Russian Deputy Prime Minister Marat Khusnullin emphasized that the annual volume of mortgage loans in Russia should amount to at least 4 trillion rubles to ensure stability in housing construction. With lower figures, the industry risks facing a significant downturn, he said.

"We understand that to maintain the necessary pace of construction, we need to issue 4-5 trillion rubles in mortgage loans. The figure of 4 trillion is the minimum threshold below which a collapse in the industry could occur," Khusnullin said in an interview with the "Rossiya 24" TV channel.

The Deputy Prime Minister noted that in 2026, it is important to maintain the level of mortgage lending at no less than the 2025 figures. It is predicted that the volume of lending will amount to 4-5 trillion rubles, which will allow for the guaranteed completion of current construction projects and the launch of new ones.

For the dynamic development of the mortgage market, the key factor is the level of the key interest rate. According to Khusnullin, the rate should be below 12%.

"With a rate of 5-6%, people can make mortgage payments without strain. A rate of 15% almost blocks the market," he noted.

If the rate exceeds 12% next year, achieving the target figures of 4-5 trillion rubles in mortgage lending will be extremely difficult, the Deputy Prime Minister stressed.