Mortgages at 2% per annum will appear in the Arctic
Preferential mortgages at 2% per annum will be extended to the Arctic zone of the Russian Federation.21 July 2023
Russian President Vladimir Putin has supported the proposal of Aleksey Chekunkov, Minister of the Russian Federation for the Development of the Far East and the Arctic, to introduce favourable mortgages at 2% per annum in the Far North. This programme has already proved its effectiveness in the Far East.
Thanks to the mortgage programme implemented by order of the President of Russia in the regions of the Far Eastern Federal District, more than 74,000 families have already moved into new housing. Moreover, preferential lending has given a strong impetus to the construction industry. The volume of housing commissioned in the Far East has doubled in three and a half years. Price growth has slowed down.
'On every trip to the Arctic regions, people have asked us about extending the Far East's preferential mortgage programme to the Arctic. The balanced solution has been developed in collaboration with the Ministry of Finance. This solution will enable people to purchase homes at preferential rates, attract new developers to the Arctic, and prevent the destabilisation of housing market prices,' noted Aleksey Chekunkov, Minister of the Russian Federation for the Development of the Far East and the Arctic.