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Housing prices growing above households income — Bank of Russia

The Bank of Russia supports ending of the subsidized mortgage program for new housing, Elvira Nabiullina said earlier

MOSCOW, April 10. /TASS/. The increase in housing prices offsets benefits from large-scale subsidized mortgage programs, Central Bank chief Elvira Nabiullina said in the State Duma, the lower house of the Russian parliament.

"The situation in the mortgage market should lead to improvement of housing affordability, rather than to an ‘industry bubble.’ Benefits from low rates should not be ‘eaten’ by the price hike, as it occurs," she said. "We see that during four years of the large-scale subsidized mortgage lending, the average flat prices increased by about two times in the primary market, while salaries and incomes by somewhat one time and a half. In other words, the rise in housing prices is above incomes," Nabiullina noted, adding that the regulator supports the targeted nature of mortgage programs.

The Bank of Russia supports ending of the subsidized mortgage program for new housing, Nabiullina said earlier.

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