Nabiyulina Calls for Limits on Subsidized Mortgage
If we want mortgages to be accessible to everyone and have more moderate rates, then volumes should not grow. Additionally, Nabiyulina called for making mortgage subsidy programs targeted, citing family mortgages as an example, which will help increase the share of market mortgages.
Consensus
- Elvira Nabiyulina, head of the Central Bank of Russia, stated that the volume of subsidized mortgages in Russia should be limited.
- Nabiyulina emphasized that subsidized mortgage programs should become more targeted (addressed) rather than broad-based.
- She warned that expanding subsidized mortgage volumes could make market mortgages inaccessible.
- The Central Bank supports a more targeted approach to mortgage subsidies to maintain affordability and monetary policy effectiveness.
- The discussion about limiting or ending the IT-specialist mortgage program is ongoing.
- The date for potential termination of the IT mortgage program is under discussion, with a possible end in December 2026.
Points of divergence
- The Central Bank supports the government's shift toward more targeted mortgage programs, noting that the government is already moving in this direction. — vedomosti
- The volume of IT mortgage loans reached 4.8 billion rubles by October, with a 4% decline compared to the previous year. — vedomosti
- In 2025, 1,476 IT mortgages were issued in Moscow Oblast, accounting for 3% of all subsidized mortgages in the region and 13% of all IT mortgages nationwide. — vedomosti
- The most active regions for IT mortgages after Moscow Oblast were Sverdlovsk, Tatarstan, and Novosibirsk regions, with 947, 936, and 861 deals respectively in 2025. — vedomosti
- The share of new-build apartments sold with discounts in Moscow and Moscow Oblast rose to 44% over the past year. — vm
- Nearly half of the housing built in Russia remains unsold, according to Izvestia. — vm
Coverage (3 sources)
- Nabiyulina spoke against increasing the volume of subsidized mortgages — Вести
- Naбиуллина stated the need to limit the volumes of preferential mortgages — Ведомости
- Nabiyulina stated the need to limit preferential mortgages in Russia — Вечерняя Москва