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Technologies for Housing
25 May 2018
10:00—11:30
KEY CONCLUSIONS
Mortgage on the rise in Russia

In the first quarter this year, mortgage growth exceeded 60% in quantitative terms, while in monetary terms it’s over 80% — Alexander Plutnik, General Director, Agency for Housing Mortgage Lending (AHML).

Mortgage rates tend to drop

There is a downward trend for mortgage rates in Russia. I look at this trend as an accelerator of all other trends. Lower mortgage rates will make banks re-evaluate their performance — Philip Gudgeon, Head, Oliver Wyman, Russia and CIS.

Now the mortgage rate in Russia is 9.6%. But a year ago it was 2.5% higher. You will not be able to find such a rapid decline anywhere else in the world. <...>And the number of people improving their living conditions is growing, respectively. <...>Those who got the mortgage earlier would be able to refinance. While an increasing number of refinanced loans is another technological challenge for banks — Alexander Plutnik, General Director, Agency for Housing Mortgage Lending (AHML).

Digitalization embraces real estate market

Now we are launching the East platform. This is not a prototype, but a platform that will work for the real sector and will be used in the economy. This is something people will use. <...> In Russia, whatever can be digitalized is getting actively digitalized, in particular, relations in the real estate market — Alexander Ivanov, Founder, Chief Executive Officer, Waves Platform; Strategy Director, Vostok Project.

ISSUES
Mortgage rates remain high

It is the reduction of the mortgage rate that is driving the increased demand for mortgage loans. A significant part of the mortgage rate involves the cost mortgage loan granting and servicing. Further development of mortgage loans will be able to reduce this component — Alexander Plutnik, General Director, Agency for Housing Mortgage Lending (AHML).

Imperfect legislation

Today blockchain platforms are presented in Russia’s regions. But the question is that the legislation lags behind the market processes — Mikhail Grin, President of the World Association of Real Estate Market Professionals in Russia.

Technologies outstrip law-making. And if standards are not changed, these technologies will remain prototypes — Alexander Ivanov, Founder, Chief Executive Officer, Waves Platform; Strategy Director, Vostok Project.

Technological underdevelopment in construction

There is a gap in understanding the technological reality by developers, finance people and builders. <...> Global construction sector turned out to be the least technologically advanced. It involves a number of non-routine processes, while many operations are performed directly on site. We are trying to streamline this process in the management department, because technological breakthroughs in construction can occur only through management — Aleksey Krukovskiy, Director, Brusnika.

SOLUTIONS
Transparent market rules

After a while, we will have no problems due technologies that will stimulate demand (for housing – Editor’s note). <...> What is important here is clear legislative rules for the market, land resources with as much infrastructure as possible, which will help reduce construction cycles and speed up project implementation. This will lead to both cost optimization for the developer, and subsequent price drop and better availability for customers. It is crucial for the housing construction standards to be constantly evolving — Nikita Stasishin, Deputy Minister of Construction, Housing, and Utilities of the Russian Federation.

Transition to e-document flow

The legal side of this issue shows us the active work of Russian lawmakers. Now about 50 different legislative initiatives are being implemented, and we see that this is a significant priority for the government. <...> Remote customer identification is the key, and it should be introduced this year — Michel Colbert, Chairman of the Board of DeltaCredit JSC CB.

Since July this year, the law on e-mortgage bonds will be put in effect. Banks won’t need paper based ones anymore, and a little later they’ll stop making paper based credit files. This creates a new platform for developing online apartment shopping. Now such services are developing, but the buyer still needs to make a deal on paper — Alexander Plutnik, General Director, Agency for Housing Mortgage Lending (AHML).

The model for granting a online mortgage loan is highly efficient due to its simplicity. The customer downloads all the documents online followed by an automatic scoring procedure. Then all documents are signed electronically and a mortgage loan is granted. At the same time, the customer sees the document status at each stage — Michel Colbert, Chairman of the Board of DeltaCredit JSC CB.

Launching digital platforms

The platform provides a possibility for an online housing appraisal, a wide selection of items, as well as integration with identification services. <...>Brokerage companies allow the customer to choose an optimal loan online, while the customer has access to services and legal assistance. <...> The automated application form, digital workflow allow to significantly reduce the cost of mortgage loan granting for the bank, as well as the time it takes to grant it. <...> There are technologies that allow the customer to combine a mortgage loan and a repairs one. <...> Acceptance of the loan decision, as well as risk assessment, occurs instantly and creates an opportunity for rapid closing of the transaction. Drivers of this process are modularization, fragmentation and ecosystem — Philip Gudgeon, Head, Oliver Wyman, Russia and CIS.

The digital infrastructure is changing, and blockchain <...> is part of it. The systems that will be launched cannot function without blockchain, because there has already been a paradigm shift that has changed people's attitudes to ecosystems. Now they need to be transparent, fast and cheap. Blockchain just allows it to be done, which is a technology introduction factor in the real estate — Alexander Ivanov, Founder, Chief Executive Officer, Waves Platform; Strategy Director, Vostok Project.

The Dom.RF project will be one of the first real estate projects in the world to use of blockchain for property registers, which will actually function and which people will actually use. Here we are in front of the whole planet — Alexander Ivanov, Founder, Chief Executive Officer, Waves Platform; Strategy Director, Vostok Project.

Implementing Smart City Project

The Smart City Project results in better housing quality, safety, energy savings and shows high demand both from the government and residents. <...>We integrate the complexity of the approach with the major infrastructure projects that Rostelecom implements within the ‘smart cities’. <...> It is important that end-to-end technologies <...> are organically intertwined in the management of the economy — Vladimir Kirienko, First Vice President, Rostelecom.

Creating cybersecurity services

Rostelecom has a security operation centre, the largest in Russia that today has 350 specialists. It monitors all types of threats around the clock. <...>We provide cybersecurity services by a service-based model, which means our customers do not need to pay for installation — Vladimir Kirienko, First Vice President, Rostelecom.

The material was prepared by the Russian news agency TASS