Yekaterinburg Developer: Tightened Mortgage Rules to Impact Many Families

From February 1, the most popular preferential mortgage program will be limited by the rule «one family — one mortgage». If previously a husband and wife could take two separate loans, buy two apartments or take one, but more expensive, now they automatically become co-borrowers and both expend their right to the preferential mortgage.

The general director of the company Atlas Development, Vladimir Gorodenker, explained how this will affect both buyers and developers.

«The tightening of conditions will have a negative impact; it will limit people. Why did people take two mortgages before? Not because everyone is cunning, but because with a limit of six million rubles it is impossible to buy an apartment. In Yekaterinburg, the average purchase price ranges from 8 to 11 million rubles (approximately $80,000 to $110,000 at current rates). If you have two children, you need at least an apartment with two bedrooms, or better with three — and for six million rubles you can»t buy such. Therefore, people took two loans,« explains Vladimir Gorodenker.

In addition, the idea of introducing differentiated rates depending on the number of children is also being discussed. But this, in the businessman«s opinion, will only create more problems. The head of the development company is sure that the most important thing that needs to be changed in the family mortgage is the limits.

«Changing rates depending on the number of children will limit families with one child and will not help those with three children at all. Yes, of course, people will continue to take these loans anyway, because it is the only way to somehow save and not overpay on the market mortgage. But again, it»s about the limits. They need to be made at least 12 million rubles (about $120,000 at current rates) for families with two and three children in the regions, then it will make sense,« the businessman believes.

Market mortgages, according to him, are now approved by banks to far from everyone, even those who are ready to take a loan at a high rate. And the more difficult it is for buyers to purchase an apartment, the more dire the situation of developers becomes.

«Without support for buyers, the industry will feel very pitiful. Such programs are needed; it is impossible to live and buy real estate without a mortgage. Without this tool, it will be quite difficult for us and our buyers,» emphasizes Vladimir Gorodenker.

Recall that since last year, the family mortgage can be arranged for the purchase of an apartment on the secondary market, but not in all cities. The current list of settlements in Sverdlovsk Oblast that qualify for the program, see the link. We published an expert opinion on why only a few will be able to use the preferential mortgage on the secondary market.

Read also the extensive interview with Vladimir Gorodenker about how the past year was for the construction sector and what to expect in 2026.

All materials on the situation in the real estate market, including on mortgages, we collect in a special section.