Part 6/9:

In a significant policy shift, the government recently ended the preferential mortgage program for most eligible groups, continuing only for families with at least two children. This move has triggered considerable upheaval in the real estate market, igniting fears of a full-blown property crisis as the Russian property market is now perceived to be significantly overvalued.

With the withdrawal of the subsidy scheme, mortgage rates have sharply increased, jumping from an artificially low 8% to over 22%, and even up to 28% for the largest lender, Sberbank. This abrupt increase poses a challenge for many homeowners, leading to a spike in monthly payments that are now doubling what they once were, forcing many to consider selling or downsizing.