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Central Bank gave a forecast about the cost of housing in Russia - EastRussia | Far East

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Central Bank gave a forecast about the cost of housing in Russia

Central Bank gave a forecast about the cost of housing in Russia
Photo: pixabay.com

The national project "Housing and urban environment" can reduce housing prices in Russia. However, this will happen only in the case of the project.

According to the forecast of the Central Bank (CB), a situation when the entire current volume of potential demand for buying a home on the “primary” using a mortgage can be satisfied for seven to nine years can lead to a sharp fall in housing prices and construction volumes.

As noted in analytical note “Problems and risks of loan financing for housing construction” of the Central Bank, the national project “Housing and urban environment” suggests an increase in the annual volume of housing construction to a record 120 million square meters. meters by the year 2024. Analysts believe that the implementation of these plans may be hampered by restrictions on the demand side, as well as on the supply side of new housing.

At the same time in six years, banks will have to increase the volume of housing construction loans by more than ten times. This will turn the construction industry into the largest bank borrower, and all credit risks will fall on banks.