The volume of mortgage issuance in Russia tripled in July

In July, Russian banks across the country issued mortgage loans in the amount of 292 billion rubles. A month earlier, this figure was 834.9 billion rubles

In July 2024, the volume of mortgage issuance in Russia decreased by almost three times compared to the previous month. In a month, it fell by more than 540 billion rubles. This follows from the analytical study of the United Credit Bureau (OKB), which the editorial office has.

In monetary terms, mortgage loans decreased by 65% over the month (from 834.88 billion rubles in June to 292.06 billion rubles in July), and by 57% compared to July 2023 (from 681.83 billion rubles). The July volume of mortgage issuance is comparable to February 2020 (284.44 billion rubles) and June of the same year (207.8 billion rubles), the study says. But then there were restrictions in Russia due to the pandemic.

In quantitative terms, issuance fell by 57% over the month (from 175.76 thousand loans in June to 76.44 thousand in July) and by 55% compared to the comparable period last year (from 169.2 thousand loans in July 2023). The current figures are similar to the data for January 2023 (73.22 thousand loans) and slightly lower than in January 2019 (78.55 thousand loans), analysts determined. It is worth noting that traditionally the January figures for real estate transactions are the lowest in a year.

Top 5 regions in terms of mortgage loans in July 2024

Source: OKB Analytics

In July, Russians took out 13.85 thousand mortgage loans in the amount of 78.89 billion rubles to buy apartments in new buildings. This amounted to 18% of the total number of loans issued during the month and 27% of the monetary volume, the Design Bureau calculated. A month earlier, the same shares were 45% and 49%, respectively (79.7 thousand loans for the purchase of housing under construction in the amount of 408.85 billion rubles in June 2024). A year ago, in July 2023, the same figures were 26% and 34% (44.81 thousand loans for new buildings worth 228.43 billion rubles).

In total, from January to July 2024, 755.11 thousand mortgage loans were issued in Russia, which is 24% less than in the seven months of last year (994.93 thousand loans). The total amount of loans issued since the beginning of this year amounted to 3.26 trillion rubles. This is 15% less than the comparable period of 2023 (3.86 trillion rubles), according to analysts.

Rosreestr noted that in Moscow in July, the total number of mortgage loans (for secondary housing and new buildings) exceeded the figures for all previous months of 2024. During the month, almost 12 thousand mortgage loans were registered. However, as noted in the department, these were partly registrations of those loans that were approved back in June — before the cancellation of preferential mortgages, changes in the terms of family mortgages and increases in rates under market programs.

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