This happened against the background of the expected completion of a mortgage with state support for new buildings
By the end of April 2024, the demand for mortgages in the primary market increased 2.3 times by March, amounting to 15.7 thousand loans, follows from the review of Domklik analysts provided to the editorial office by the press service of Sberbank.
The share of new buildings in the mortgage issue of Sber increased by 12.3 percentage points over the month and amounted to 27.2%, the press service said. Domclick associates this trend with the expected completion of a mortgage with state support. “The demand for state—backed mortgages has increased — this is due to the position of the Ministry of Finance, which advocates the completion of all preferential programs (except for the “Family Mortgage”) this year,” the review explains. — The “state support” will be completed in June 2024, and the IT mortgage will be completed in December. At the same time, in 2023, these programs accounted for almost half of all transactions in the primary market: the share of “State Support” was 44%, IT mortgages – 4%.” Demand was also affected by the easing of banking requirements for developers, the press service added.
In the secondary market, issuance increased by 5.1% over the month to 28.7 thousand loans. The share of the secondary segment in the total volume of mortgages issued by Sberbank, on the contrary, decreased: at the end of April it was 49.5% (-9.2 percentage points since March). “Restrained demand is explained by strict macroprudential requirements for borrowers and an increased key rate,” Domklik explains, noting that most of the transactions with secondary housing were concluded in regions where there are few new buildings. The Chechen Republic (97.5%) and the Magadan Region (77.1%) are the leaders in the share of secondary production. Also, a high share of loans in the ready-made real estate market was recorded in Tomsk (73.8%), Ivanovo (73.4%) and Bryansk (70.6%) regions, analysts added.
There is also an increase in demand in the residential housing segment — 11.7 thousand loans were issued in April (+11.7%), and the share in Sberbank’s disbursements amounted to 20.3%. The demand for private homes is supported by high rates on market programs in the primary and secondary markets of multi-family housing, as well as relatively low prices in the residential housing segment.
The distribution of mortgages by type of loans for the top 10 regions by the number of loans issued by Sberbank in April 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 (Photo: Domklik)
In general, according to the Domclick study, mortgage demand in Russia in April was 24.2% higher than the March level in the number of loans and 33.9% in monetary terms. In total, 57.5 thousand housing loans were issued for a total amount of 194 billion rubles.
By the end of April, Domclick also noted an increase in demand for preferential mortgages. For the first time since the beginning of the year, the share of state programs in the total issue of Sberbank exceeded 50%. The first place in demand was taken by the State Support program, the second place by the Family Mortgage, analysts said.
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