Construction industry to get new mechanisms of state support after 2016
Renewed government support program will be launched on the eve of 2017, when the preferential mortgage program will be completed, said the Minister of Construction of the Russian Federation Mikhail Men.
“It applies to both developers and citizens who need better housing conditions. The support is in high demand. Over the past two years, the interest rate on subsidized mortgage demonstrated good results. We do not stop support measures since January 1, 2017, we will use new approaches to stimulate demand for residential property,” said Mikhail Men at RusRealExpo, which was opened on July 18.
He stressed that support for mortgage lending allowed to enter the record volume of residential real estate in Russia in 2015: 85 million square meters.
Mikhail Men also noted that the Ministry of Construction cannot solve this task alone, so it is waiting for proposals from residents and developers.
“Revocation of the tax which is collected in the process of transferring the ownership for infrastructure objects built by developers to municipalities can reduce costs. I can note that the agreement on this issue with the Ministry of Finance is almost reached,” the minister added.