In 2020, 56% of the apartments in INTECO projects currently under construction were purchased with a mortgage. The share of transactions with a subsidised mortgage rate under the state support programme was 30% of the total number of co-investment agreements entered into and 54% of the total number of residential properties purchased with a mortgage.
Thus, in 2020, the share of sales with a preferential mortgage rate in the “Vrubelya, 4” project was 18%, in the West Garden residential complex it was 22%, and in the Westerdam residential complex it was 37%. It should be noted that subsidised mortgages have become the main driver in the sale of apartments up to 60 square metres.
“In 2020, the real estate market was profoundly affected by currency fluctuations, the Central Bank’s lowered rates, and a rise in investors and those who simply wanted to hold onto their savings in a climate of instability by investing in property. However, the most noticeable impact on the market came from the introduction of government-backed mortgages – thanks to lower mortgage rates, the population was able to increase the amount borrowed and save money on interest payments. All of these factors combined made new builds more affordable and laid the foundations for record sales,” commented INTECO Sales Director Pavel Lepish.It is worth noting that, among those buying apartments in INTECO projects, the government-backed mortgage programme with an interest rate of 5.5% from Otkritie Bank is the most popular.