12.11.2026
1 min readElvira Nabiullina, head of the Bank of Russia, speaking at a plenary session of the State Duma, stated that the availability of mortgages is directly linked to the inflation rate. According to her, the path to affordable market mortgages lies through low inflation, and preferential programs should be strictly targeted.
Nabiullina reminded that preferential programs indeed allowed borrowers to obtain mortgages at an extremely low cost. However, as she noted, this benefit was largely — if not entirely — offset by the rise in housing prices. At the same time, citizens who did not meet the conditions of the preferential programs faced a decline in housing affordability. After abandoning the non‑targeted preferential mortgage program, the rate of growth in housing prices slowed down by almost half.
The head of the regulator acknowledged that many people have to postpone buying a home due to high prices and expensive loans. “In my view, preferential mortgages should be strictly targeted,” she emphasized.
Nabiullina also cited statistics: over the past 12 months, the volume of mortgage issuance amounted to 5.4 trillion rubles, and the growth of the mortgage portfolio was 2.5 trillion rubles. These figures exceed the results of the previous year and 2024 in monetary terms. At the same time, the head of the Central Bank noted that it is more important to focus specifically on the volume of issuances, since they finance the purchase of housing, rather than on the growth of the loan portfolio.
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