UrBC, Yekaterinburg, October 19, 2016. 70% of all apartments home owners buy in Yekaterinburg’s Akademichesky District are purchased on a mortgage, RSG-Akademicheskoye’s Director-General Viktor Kisselev said at a press conference.

‘This year, 70% of all our purchasing transactions are mortgages. Our customers are mostly young people who cannot afford to pay in ready cash. February was our peak month, when the share of mortgage deals reached as much as 80%. It was not clear at the time whether the government would keep up with its interest-rate subsidies program. In fact, the subsidies are likely to slowly die out by the end of the year, and if the Central Bank’s key rate goes down by another .5%, the government’s support (or absence of it) won’t make much difference any more,’ Kisselev said.

According to Kisselev, the current market situation is perfect for new home owners: Russian banks are offering appealing interest rates and increasingly more customers are landing mortgage deals in Sverdlovsk Region this year.