Belarus will fully introduce mortgage lending during the first six months of 2011, said Minister of Economy Nikolai Snopkov. This was stated by the head of the Ministry of Economy at the meeting of the Council of Ministers, aimed to discuss the draft program of socio-economic development for the next five years.
Nikolai Snopkov said that the system of mortgage lending and housing construction savings would develop. In addition, the authorities intend to establish a rental housing fund, BelTA informs.
Square Meter of Housing to be Available at One Salary in 2015, Snopkov
Price per square meter of housing will be equal the average monthly salary in the country in 2015, said Minister of Economy.
The Minister says that 1.47-1.56 gross value added growth is planned in the construction in five years, the volume of contract works will increase in 1.43-1.49 times, and productivity — in 1.48-1.53 times. These rates will be raised through the development and modernization of enterprises, producing high-quality building materials, transition to the European standards of design and development of new technologies of buildings and facilities’ rapid construction, BelTA informs.
With these measures taken, at least 42 million square meters of housing are planned to be operational in 2011-2015, which is 60% more than in the past five years. The authorities intend to put into operation no less than 60% of the housing in 2015 in accordance with energy efficiency standards.
Economy Minister remarked that it would be possible to increase citizens’ provision with housing from 24.6 square meters per capita, as it was in 2010, up to 27-28 square meters in 2015. «The compliance of a square meter cost with the size of the average monthly salary in the republic is expected to achieve by reducing costs at all stages of the investment-building cycle,» he explained.
Reference: Mortgage loans are loan for housing construction under the collateral on real estate. The chairman of the Standing Committee of the House of Representatives on housing policy, construction, trade and privatization, Halina Polianskaia, stated in January that Belarus was going to develop a package of measures to promote mortgage lending.
