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In his opening remarks President Vladimir Putin emphasised that the mortgage lending system should be market-based, not subsidies-based, while mortgage loans should be easily available. He said these were the key conditions to attract finance comparable with the country’s housing shortage.

According to the President, the Government should play an important role in building a mortgage system in Russia – that of establishing the necessary institutions for a mortgage market and drawing up a legal basis for it.

As for government subsidies, only low-income families that cannot even afford mortgage should be eligible for them, the President said.