President of Russia Vladimir Putin has agreed to the proposal to launch a program of mortgages at a preferential rate of two percent for young families in the Arctic regions, similar to the mechanism already in use in the Russian Far East.

"The minister [for the development of the Far East and the Arctic] spoke today about the Arctic mortgage. I think that such a measure could seriously support citizens living in the Arctic zone. We have seen the results of the preferential mortgage at two percent in the Far East, and it has really played an important role," the President said.

The head of state explained that 73,000 Russian families have improved their living conditions thanks to this program.

"I agree with extending it to young families living in the Arctic. That is, for them the preferential mortgage rate will not exceed two percent either," Putin added.

He proposed to set the term of this measure until 2030.