Konstantinov emphasized that the state’s decision to subsidize mortgage rates was a momentous one both for the construction industry as a whole and for its customers. Mortgage rates are at a record low, which has provided a real incentive for residents of St. Petersburg to purchase apartments. Konstantinov noted in particular that these market changes were revolutionary primarily because mortgage payments now cost less than rent on a similar property. He added that the other regions in which LSR Group is active – Moscow and Yekaterinburg – were seeing a similar increase in demand for subsidized mortgages.

The case study of Yevgeny Us, who bought an apartment in the Tsvetnoy Gorod residential complex built by LSR Group in St. Petersburg’s Krasnogvardeysky district, was highlighted as an example of how the company has successfully deployed this new type of mortgage. The LSR customer shared his positive experience of purchasing property from the Group with the President.

The President closed the event by thanking the participants, expressing his satisfaction with the work currently underway, and noting that it had been a productive discussion.

A full transcript of the video conference can be found on the official website of the President of the Russian Federation (Russian only).

For more information please contact:

Igor Tsoy

Director of Investor Relations and Sustainable Development
E-mail: IR@lsrgroup.ru

Media Relations

LSR Group Press Service
E-mail: press@lsrgroup.ru