Sevastopol governor proposes 6% “Crimean mortgage” to support construction
In short
Sevastopol Governor Mikhail Razvozhayev proposed a preferential mortgage programme for the Crimean peninsula at 6% annual interest, saying it would support the region's construction industry. Kommersant reported he made the proposal at a Federation Council hearing on the 2027 federal budget and asked for the programme to start on 1 November, citing the existing scheme for the DNR, LNR, Kherson and Zaporizhzhia regions, where he said the rate is 2%.
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Sevastopol Governor Mikhail Razvozhayev proposed a preferential mortgage programme for the Crimean peninsula at 6% annual interest, according to TASS, RBC and Kommersant. He said the measure would support the peninsula's construction industry. [ 1 , 2 , 3 ]
Kommersant reported that Razvozhayev made the proposal at a Federation Council hearing on the parameters of the 2027 federal budget. He cited the programme in force for residents of the DNR, LNR, Kherson and Zaporizhzhia regions, where he said the rate is 2%, and asked for a 6% rate in Crimea with a six-month application window and full repayment over 15 years. He said the programme should be launched from 1 November rather than next year, because the final months of this year would be critical for many construction companies. “Today's logistical and economic restrictions have led to a situation where a large amount of housing that will soon be built, or has already been built, is not selling,” the governor said, according to Kommersant. [ 2 ]
Razvozhayev said the construction sector on the peninsula is in serious crisis and that the measure would support it. RBC reported that he said the programme would allow residents of Crimea and Sevastopol to buy housing on preferential terms and would support the construction sector, not letting it “collapse”. TASS reported that he said the programme would support the construction industry. [ 1 , 2 , 3 ]
Kommersant reported that in January-July 2026 the average price per square metre in completed deals in Crimea fell 5% to 203,000 rubles, while in Sevastopol it rose 11% to 200,000 rubles. The programme for the four regions has operated since 1 January 2023, with loans of up to 6 million rubles and a down payment of at least 10%, the newspaper reported. Crimea previously had a mortgage programme at 8% for primary-market housing from April 2020 to July 2024, it added. [ 2 ]
Why it matters
If adopted, the proposal would extend the subsidised mortgage model already used in four other regions to Crimea, in an attempt to revive a housing market the governor describes as being in serious crisis. The decision rests with federal authorities as they set the 2027 budget, and no decision is reported in the documents.
Key facts
- Sevastopol Governor Mikhail Razvozhayev proposed a preferential mortgage programme for the Crimean peninsula at 6% annual interest. [ 1 , 2 , 3 ]
- Razvozhayev said the measure would support the peninsula's construction industry, which he described as being in serious crisis. [ 1 , 2 , 3 ]
- Kommersant reported that he made the proposal at a Federation Council hearing on the parameters of the 2027 federal budget. [ 2 ]
- He cited the programme in force for residents of the DNR, LNR, Kherson and Zaporizhzhia regions, where he said the rate is 2%, and asked for 6% for Crimea with a six-month window and full repayment over 15 years. [ 2 ]
- He said the programme should be launched from 1 November rather than next year, because the final months of the year would be critical for many construction companies. [ 2 ]
- Kommersant reported that in January-July 2026 the average price per square metre in completed deals fell 5% in Crimea to 203,000 rubles and rose 11% in Sevastopol to 200,000 rubles. [ 2 ]
- The programme for the four regions has operated since 1 January 2023, with loans of up to 6 million rubles and a down payment of at least 10%. [ 2 ]
- Crimea previously had a mortgage programme at 8% for primary-market housing from April 2020 to July 2024. [ 2 ]
Confirmed by several sources
Still unclear
- Whether the programme would be approved, and by whom, is not stated in the documents. No decision or response from federal authorities is reported by any of the outlets.
- The proposed start date of 1 November, the six-month application window and 15-year repayment terms are reported only by Kommersant's account of the governor's remarks. Single-source detail; TASS and RBC do not mention these parameters.
- The rate of the programme for the DNR, LNR, Kherson and Zaporizhzhia regions, given as 2%, appears only in Kommersant's report of the governor's remarks. Single-source figure not confirmed by the other two outlets.
What local media are saying
Timeline, local time
- TASS reports that Governor Mikhail Razvozhayev proposed a Crimean mortgage at 6%, saying it would support the construction sector. [ 1 ]
- Kommersant reports that Razvozhayev made the proposal at a Federation Council hearing on the 2027 federal budget, citing a 6% rate against 2% in the four other regions, a six-month window, 15-year repayment and a 1 November start. [ 2 ]
- RBC reports that Razvozhayev said the programme would let residents of Crimea and Sevastopol buy housing on preferential terms and would support the construction industry, not letting it “collapse”. [ 3 ]