Overlooking the mountains: mortgage rates in the Caucasus are 1.5 times higher than the average in Russia

Mortgage rates in the North Caucasus turned out to be one and a half times higher than the Russian average, Izvestia has found out. In the country as a whole in 2024, taking into account the preferential programs, they reached a record for the last five years 8.7%, but, for example, in Chechnya the figure reaches 14%, and in Ingushetia - up to 13%. One of the main reasons is that in the Caucasus it is difficult to apply for a preferential program, as many developers are not fully official - so people have to take out more loans for secondary housing at 30%. In addition, banks inflate interest rates because of financial risks. Whether the situation with the mortgage this year - in the material "Izvestia".

Mortgage rates in Russian regions

The average level of mortgage rates in Russia in 2024 reached a record for the last five years 8.7%. This follows from the statistics of the Central Bank, which was studied by "Izvestia". This data takes into account both market and preferential programs. Since citizens mainly took loans with state support, the figure is small.

At the same time, only in the North Caucasus last year the average level of interest rates on issued housing loans reached a double-digit level. The highest rate was in the Chechen Republic - 14%, only slightly lower in Ingushetia (13%). The percentages were also double-digit in Karachay-Cherkessia and Kabardino-Balkaria. "Izvestia" sent inquiries to the Central Bank, as well as to the governments of these regions.

Photo: Izvestia/Mitriy Korotayev

Such a high level of average rates may be due to the low share of preferential programs in the total volume of issued housing loans in the Caucasus, says Anna Zemlyanova, chief analyst at Sovcombank. There people much more than in other regions, take market mortgages, and the rates on it rose after the key - up to 30%.

On preferential mortgage rates are fixed and do not change depending on the region, reminded the press service of the Ministry of Finance. Nevertheless, in the North Caucasus to take a housing loan with state support is more difficult than in many other subjects, said the general director of the investment company in the real estate market LLC "Flip" Evgeny Shavnev.

The fact is that soft loans are issued only for new buildings (at 6% for family mortgage, at 5% for IT-mortgage). However, in the North Caucasus, many construction companies do not work in full compliance with 214 federal law on shared construction, said Evgeny Shavnev.

Photo: Izvestia/Konstantin Kokoshkin

This applies to the majority of developers, Ali Omarov, a realtor from Dagestan, confirmed to Izvestia. He explained: it is expensive to work according to the 214th Federal Law and "pass" everything through the bank. Price tags increase by 30-40 thousand per square meter. That is why companies save money not due to the quality of houses, but on documentation and taxes. But in this case they cannot offer loans under preferential programs. As a result, people have to turn to expensive market mortgages.

In 2024, it was really difficult to get a family mortgage in the North Caucasus: only a few developers and contractors fit the conditions of bank accreditation, explained Irina Kiseleva, a member of the mortgage committee of the Russian Guild of Realtors. Tatyana Reshetnikova, deputy director of the mortgage department of the federal company "Etazhi", also confirmed the difficulties with accreditation of some developers and objects under construction.

Lack of official developers limits access to family support programs and other preferential products that help to reduce the burden of payments - for example, mortgage vacations, added Associate Professor of the basic department of financial control, analysis and audit of the Main Control Department of the city of Moscow Plekhanov REU Dmitry Osyanin.

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Why mortgage rates are rising

In addition, a limited number of banks operate in the North Caucasus, said Irina Kiseleva from the Guild of Realtors. For example, in Vladikavkaz on family mortgages give loans "Sber" and VTB. "Dom.RF" is also represented in North Ossetia, but all programs they have "on the stop", even family. The deficit generates excitement, so the product can be sold more expensive, the expert explained. "Izvestia" sent a request to the largest banks about the peculiarities of work in the Caucasus.

Photo: Izvestia/Mitriy Korotayev

It is also no secret that there is an unspoken ban in banks to minimize lending in the North Caucasus, Irina Kiseleva added. The fact is that the level of delinquency and non-performing loans in these regions is historically always higher than in Russia on average. Therefore, if financial organizations do provide loans, they insure potential losses by raising interest rates, she explained.

Average rates differ by region, and not only for mortgages, but for all loans, said Kirill Chebakov, managing partner of WE-ON Group. According to him, the economic situation in a particular subject of the Russian Federation, as well as access to preferential programs affects.

Another factor is the spread of Islamic mortgages in the region, added Tatiana Reshetnikova from Etazhi. Classical loans are prohibited by Sharia law, so such "complicated" options for issuing borrowed funds are in demand in these regions. However, in this case, preferential state programs do not apply. Given all these reasons, the impact of preferential mortgage rates on the average level of interest in the Caucasus is minimal, the expert emphasized.

Photo: TASS/Bobylev Sergey

- The solution to this problem requires a comprehensive approach, including the development of the construction industry, increasing the population's income and expanding the availability of preferential programs. This is the only way to achieve lower rates and better conditions for borrowers in the federal district, - Evgeny Shavnev from Flip is sure.

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Now mortgage rates in Russia "broke away" from the key, emphasized Tatiana Reshetnikova from the company "Etazhi". According to her, the housing loan can be issued at 28-31%. The requirements to borrowers have also become tougher. That is why in the secondary market people buy apartments mainly without borrowed funds - since the beginning of the year the share of such transactions has grown to 84%.

Demand for housing in conditions of high key prices will remain low, as many potential buyers simply can not afford a mortgage, said the founder of the company "Insurance broker AMsec24" Anton Meltsov.

Photo: Izvestia/Mitriy Korotayev

The state is now taking some measures to reduce the cost of housing (for example, co-financing of part of the costs of projects of integrated development of territories), said Kirill Chebakov from WE-ON Group. But, according to expert forecasts, housing prices in 2025, most likely, will continue to grow along with general inflation - and will add up to 10%.

However, according to Kirill Chebakov, in general, real estate will become more affordable only after the reduction of the key rate. On February 14, the regulator kept it at 21%. However, the Central Bank also raised expectations for the average level of key rate this year to 19-22%. This means that the Bank of Russia allows an additional increase in the rate to 22-23% this year, but further reduction is possible.