A preferential mortgage program carrying 2 percent interest made it possible to boost housing construction volumes in Russia’ Arctic regions by 40 percent, Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov said. 

The Telegram channel of the Ministry for the Development of the Russian Far East and Arctic quotes Chekunkov as saying: “Affordable housing is a factor influencing the development of Russia’s Arctic zone and facilitating higher standards of living. The Far Eastern and Arctic Mortgage program is making a substantial contribution to this process. It provides affordable housing for young families and benefit-seekers and facilitates the development of the construction sector. Over a period of 12 months, housing construction volumes soared by 40 percent in the Arctic zone of the Russian Federation.”  

Authorities in the Arkhangelsk Region are building 667,000 square meters of housing or 15,000 apartments; local housing construction volumes have increased by 32 percent. Housing construction volumes have increased by 40 percent in the Yamal-Nenets Autonomous Area where 278,000 square meters of housing (5,000 apartments) are being built. The Murmansk Region is posting a 1,060 percent increase in housing construction volumes; work is underway to build 58,000 square meters of housing or 1,000 apartments. When the Far Eastern and Arctic Mortgage program was launched in January 2024, only one building with 90 apartments was under construction in the Murmansk Region.

In November 2023, the Far Eastern Mortgage program began to be implemented in the Arctic zone of the Russian Federation.