The Far Eastern Mortgage programme has helped build up solid demand for housing in the Far Eastern Federal District
We have been able [thanks to the Far Eastern Mortgage programme – ed.] to build up solid demand for housing. However, we have had some teething trouble, whereby demand has appeared in places where supply is lacking. Partly as a result, prices per square metre have increased — Gadzhimagomed Huseynov, First Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic.
This [subsidized interest rates on mortgages – ed.] is a market mechanism providing guaranteed demand for filling escrow accounts — Nikita Stasishin, Deputy Minister of Construction, Housing and Utilities of the Russian Federation.
Currently, 51,000 flats are being constructed [in the Far East – ed.] in residential buildings, and 15,000 are on sale. Demand in the main is for the Far Eastern Mortgage programme... Looking at figures for 2021, 900,000 square metres of living space have already been constructed. This is 80% more than in previous years. <...> We [the DOM.RF development institution – ed.] have a separate division and a separate KPI for the Far East. It is completely separate, and we will develop a dedicated set of tools for the region. We have offices here, we will build a team and do everything — Vitaly Mutko, Chief Executive Officer, DOM.RF.