Results of the meeting with the President: what is happening with housing and mortgages in Russia

During a working meeting with President Vladimir Putin, Deputy Prime Minister Marat Khusnullin summed up the work of the construction complex, noting its key role in the country's economy. The report paid special attention to the residential real estate market, which, despite external pressure, continues to hold a leading position.
Construction scale and multiplier
The Deputy Prime Minister stressed that the construction industry has become an unconditional driver of development.: Together with related sectors, it forms more than 20% of GDP, and the number of employed has reached 17.7% (about 13 million people). At the same time, each invested ruble gives a multiplier effect of 1.68 rubles for related industries.
Khusnullin noted that over the past five years, the industry has grown by almost 2%, and tax revenues have increased by 2.9%. However, the main topic of discussion was the volume of housing commissioning and the availability of mortgages.
Housing market: Soviet-era records and new reality
Marat Khusnullin called the preservation of high construction rates one of the key achievements. For several years in a row, more than "100 million square meters" of housing have been commissioned in Russia per year, an indicator that was not achieved even during the Soviet period, including the times of the country's massive reconstruction.
"There is a slight decrease this year, but we cannot keep up the pace of 110 million every year. Even more non-residential buildings are being commissioned than last year, while we are still at the level of last year's apartment buildings," the Deputy Prime Minister reported.
At the same time, he recorded a slight decrease in the segment of individual housing construction (IHS). The government has already prepared a number of measures to support this area in order to offset the negative dynamics and stimulate private development.
Mortgage is the most reliable tool
The topic of mortgage lending became a separate block of the meeting. Vladimir Putin asked about the reliability of this instrument, to which Khusnullin replied that mortgages remain the safest and most sought-after mechanism for citizens.

Despite fluctuations in market conditions, family mortgages remain key. People continue to actively use this program, and the share of overdue debts does not exceed 1%, which confirms the high payment discipline of borrowers. According to Khusnullin, all obligations to citizens under preferential programs are fulfilled in full, which makes it possible to maintain demand in the primary market.
Result
Summing up, the Deputy Prime Minister noted that the construction industry today is not just the construction of walls, but the foundation of the economic growth of the regions. The budget security of the subjects and the quality of life of millions of Russians directly depend on the volume of housing commissioning and the availability of mortgages. The Government intends to continue systematic work to maintain the achieved milestones and support the residential housing sector with new incentives.