Mortgage Payments Vary Widely Across Russia, Study Finds
Mortgage repayment amounts and terms vary significantly across Russia, according to a recent study by 'Dvizhenie.ru' and Devision. The smallest payments are found in Yekaterinburg and Vladivostok, while Moscow and St. Petersburg have the highest.
In administrative centres, the lowest mortgage repayments for primary housing are in Yekaterinburg (1.8 million rubles) and Vladivostok (2.4 million rubles). Meanwhile, in Moscow and St. Petersburg, residents face the highest repayments, at 8.5 million rubles and 6.9 million rubles respectively. In the Ural Federal District, the smallest repayment is 1.6 million rubles over 8.1 years.
Residents of the Central Federal District have the highest repayments, at 3.1 million rubles. However, mortgage terms differ significantly between primary and secondary housing markets. For secondary housing, loan terms must extend to 30 years or more. The average mortgage rate here is 22.5% per annum, a decrease of 4 percentage points since June this year.
In 21 regions, mortgage payments exceed half of residents' income. The highest proportions are found in Kalmykia, North Caucasus republics, Ivanovo Oblast, and North Ossetia. For a monthly payment of 76,500 rubles on secondary housing, Moscow residents need 7.2 years, while Pyatigorsk residents need over 30 years. Primary housing is available under preferential programs with rates starting at 7.74%. In remote regions like Magadan, Chukotka, and Kamchatka, buyers spend more than half of their income on mortgage payments.
The study highlights the vast disparities in mortgage repayment amounts and terms across Russia. While some regions offer affordable options, others present significant financial challenges for residents. Understanding these differences is crucial for informed decision-making in the housing market.
Read also:
- U.S. CBP's Operation Plaza Spike Boosts Fentanyl Seizures Along Arizona-Mexico Border
- Regensburg Court Sentences Pizza Delivery Owner for Illegal Employment, Tax Evasion
- Tesla's EV Market Share Plummets in Europe, US Competition Intensifies
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
