Ilshat Gimaev: We expect the housing market to start recovering
New opportunities for the construction complex of the Republic were discussed at a round table in the Ministry of Construction, Architecture and Housing of the Republic of Tatarstan. The event was attended by Deputy Minister Ilshat Gimaev, as well as representatives of major developers of the republic and credit organizations.
During the round table, the participants discussed the issues of revising the interest rate on a preferential mortgage, as well as increasing the maximum loan amount on a preferential family mortgage. "The cornerstone for us is a preferential mortgage, the rate for which is 9%, the maximum loan size for Tatarstan is 6 million rubles, the initial payment is 15% of the cost of housing. According to this program, as of April 25, we have issued 2.4 thousand loans for 5.8 billion rubles. I think that the number of loans, if the rate for this program is reduced, will increase. While there is no such decision, we will wait," Ilshat Gimayev said. He also noted that each city should have its own limit on preferential mortgages.
At the moment, mortgage contracts are suspended, as reduced rates make it possible to reissue new mortgages or renegotiate terms at rates. "The housing market remains an acute issue. After the April drop, the pace of sales in May did not recover. But, nevertheless, in June we expect that the housing market, its sales and commissioning will begin to recover," Ilshat Gimayev said.
In total, 15.1 thousand mortgage loans totaling 45.9 billion rubles were issued in Tatarstan in the first quarter. The average loan term was 22 years, and the average rate was 7.86%.
Rural mortgages are popular among mortgage programs, despite changes in the target conditions for its provision, aimed only at building a house in the countryside. According to Ilshat Gimaev, 3.6 billion rubles were allocated for rural mortgages in 2020, 3.9 billion rubles in 2021. The amount for the current year, according to him, is comparable to last year. He expressed hope that all interested borrowers from Tatarstan will have time to use the program, noting the high demand for the program.
"The conditions of the rural mortgage program are very attractive: the lending limit is 3 million rubles, the initial payment is 10% of the cost of housing, the rate is 3% per annum. This is a great opportunity to purchase or build an individual house, because the apartment direction was "cut off," Ilshat Gimayev said.
To date, about 1.5 million square meters of housing have been commissioned in Tatarstan, or 54.4% of the plan for the year, which is 2.8 million squares. The results of the same period last year exceeded by 29%. Apartment housing has been commissioned 563 thousand square meters, the rest is residential housing. "We are going even better than last year, thanks to the reserves created in previous years, which would have been enough for us in the absence of new projects for two years," the deputy minister said.
He also said that there are 105 developers in Tatarstan who are building more than 200 apartment buildings, or 1.9 million square meters of apartment housing, of which 1.1 million square meters with the use of escrow accounts. This indicates that the transition to new rules for housing construction and financing has taken place in Tatarstan.