After the cancellation of preferential mortgages for new buildings and changes in other preferential programs, the share of the secondary market increased from 31% to 70%
The demand for mortgages in July 2024 turned out to be lower than the June figure, follows from a study by Domclick analysts provided to the editorial office by the press service of Sberbank. In July, Sberbank issued 49.7 thousand mortgage loans — 54.4% less than in June. In monetary terms, the issue decreased by 49.9% and amounted to 207.8 billion rubles, the press service said.
Domclick associates this decrease with changes in mortgage state programs, noting that the dynamics were mainly provided by the market of new buildings and the market of private residential buildings under construction. “On July 1, the massive preferential state support program ended, and on July 10, the government of the Russian Federation announced new conditions for the Family Mortgage program, which became more targeted,” Domklik analysts remind, pointing out that the share of the primary market in the total number of Sberbank loans decreased by 27.2 percentage points to 21.7% over the month. The indicator is inferior to the results of the second quarter (40.8%), but exceeds the results of the first quarter (17.9%) of 2024, the study notes.
In just a month, 10.8 thousand mortgages were issued on the primary market by Sberbank. “The highest share of primary housing is noted in the subjects of the Far Eastern Federal District (Far Eastern Federal District) — in the Republics of Sakha (Yakutia) (45.6%) and Buryatia (39.4%), as well as in the Primorsky Territory (36.9%), — Domklik explains. — The largest part of loans in the primary market in these regions was secured through the Far Eastern and Arctic Mortgage program (more than 80%).
In large regions, the market share of new buildings in the July issue of Sberbank was also noted at a high level: in Moscow it amounted to 35.2%, in the Krasnodar Territory — 28.9%, in St. Petersburg – 28%.
The distribution of mortgages by type of loans for the top 10 regions by the number of loans in July 2024. The “rest” includes non-targeted loans secured by real estate, refinancing, and military mortgages. The data is sorted by the share of transactions for the purchase of primary real estate in the total number of issues.
Demand for mortgages in the residential housing segment has also decreased, according to Domclick. In July, 2.5 thousand such housing loans were issued — less than in the second quarter of 2024 (15.2 thousand) and than in the first quarter of 2023 (9.1 thousand). The segment’s share in Sberbank’s disbursements decreased by 14 percentage points over the month and amounted to 5.1% — this is the lowest value since May 2023.
The maximum share of mortgages on residential housing is traditionally noted in the regions covered by the Far Eastern and Arctic Mortgage program — in Yakutia (18.2%), the Sakhalin Region (17%) and the Kamchatka Territory (13.7%). The most significant decrease in the indicator for the month was recorded in Tatarstan (-27 percentage points), Astrakhan region (-24.6 percentage points) and Adygea (-24.3 percentage points).
“Since July 1, preferential mortgages have become more targeted, and therefore we have observed a decrease in demand in the market of new buildings and residential housing. The share of the primary market in the Sber mortgage decreased by 27 percentage points, to 22%,” comments Alexey Leipi, director of the Domclick division, on the redistribution of demand. — The decline in the residential housing market is also significant: the segment decreased by 14 percentage points, to 5%. However, if the number of loans in the residential housing market has decreased to the lowest level in the last year and a half, then in the market of new buildings, the absolute demand indicators do not lag behind the values of January — March of this year.”
Mortgages on the secondary market
The demand for housing loans in the secondary segment did not decrease by the end of July, the study notes. During the month, Sberbank borrowers issued 34.6 thousand loans — 3.2% more than in June. This figure also exceeds the average figures for the first and second quarters of this year, which amounted to 28 and 31.4 thousand mortgages, respectively.
The share of secondary housing in Sberbank’s loans reached 69.6% — this is the maximum since March 2023. Over the month, the indicator increased by 38.9 percentage points, the most noticeable growth was noted in the Astrakhan region (+54.3 percentage points), Tyva (+53.5 percentage points) and the Novgorod Region (+49.2 percentage points). “Note that in the last two regions, a jump in the share of the secondary market occurred despite the continued availability of family mortgages for borrowers with children over the age of six,” Domclick analysts emphasize.
The maximum share of secondary housing in mortgage issuance is recorded in regions with limited or no supply of new buildings: the Magadan region (87.1%), Chechnya (86.9%) and Komi (86%). All these regions are also subject to the updated terms of the family mortgage program.
Read more about the updated terms of the family mortgage program in the material “RBC Real Estate” “Family mortgage — 2024: conditions, documents, nuances”
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