Young people still take out mortgages, mainly for the purchase of second homes, although more and more often for housing and communal services. But there are also many who dream of getting an apartment as a gift, for example for a wedding
On the occasion of Youth Day, which is celebrated in our country on June 29, the Domklik analytical center, having studied the statistics of transactions concluded by young people under the age of 25, tried to answer the question of what kind of mortgage young people are applying for in 2024*. During the study, experts assessed the characteristics of “youth” mortgage loans, and also found out in which largest regions among borrowers the largest proportion of young people is recorded, and in which the smallest, and which housing young people purchase with a mortgage.
An additional reason for the study was the change in mortgage conditions. Now borrowers from the age of 18 (previously from the age of 21) can get a housing loan for the purchase or construction of a private house, refinance a mortgage and apply for it under the program “Non—targeted loan secured by real estate”.
Of course, the completion of the so-called state-backed mortgage will significantly change the situation in the mortgage market, making all previous research and calculations a thing of the past. But studying history usually does not happen to be harmful, so it’s still worth getting acquainted with the conclusions of Domclick analysts. Especially when you consider that there is increasing talk in Russia about the need to create a special youth mortgage program. In particular, Rustam Azizov, Director of Mortgage sales and implementation of financial instruments at A101 Group, has repeatedly said that such a program should primarily be aimed at spouses no older than 30 years old who married after January 1, 2020.
So, according to Sber, in less than six months of 2024, young people accounted for about 9.2% of mortgage loans. This is only 0.3 percentage points lower than in the first half of 2023. If we take only the largest regions, the largest share of “youth” mortgages is in the Sverdlovsk and Chelyabinsk regions (11.2% each), as well as in the Krasnoyarsk and Perm Territories (11% each).
Interestingly, among the regions with million-plus cities, the lowest percentage of borrowers aged 18-25 is noted in the metropolitan regions. In Moscow, the figure is 5.4%, in the Moscow region — 6.4%, and in St. Petersburg – 7.1%. A low percentage was also recorded in the Krasnodar Territory (7.1%).
At the same time, as Alexey Leipi, director of the Domclick division of Sberbank, notes, the preferences of young people have changed significantly. “Despite the fact that secondary real estate remains the most popular type of purchased housing, the attention of young borrowers is increasingly attracted by the market of individual housing construction. Over the year, the share of residential housing in the total number of loans increased by 11 percentage points at once, while the volume of transactions with secondary housing decreased by 16.5 percentage points. Meanwhile, the demand for primary real estate has changed slightly, it has increased by 4 percentage points over the year,” the expert says.
As in the first half of 2023, in 2024, young people still most often choose secondary housing for the simple reason that it is already ready for use and requires minimal repairs: 55.4% of young borrowers have issued mortgages for apartments on the secondary market (excluding suburban real estate). On average, they buy lots on the secondary market for 3.4 million rubles, the median area of apartments is 80 square meters, the most popular objects are two—bedroom (38.9% of transactions on the secondary market).
Although the primary market is in demand from a smaller number of borrowers (26.4%), its share has increased compared to the first half of 2023. The average cost of apartments here is 6.3 million rubles, the area is 46 squares, and most of the purchased apartments in new buildings are one—room (57.1% of transactions). And another 14.1% of all transactions of young borrowers are mortgages for residential housing.
Perhaps one of the most important parts of the Domclick study for real estate market players is devoted to the characteristics of loans issued to young people in 2024. Now it is especially important to understand what initial payment suits young people, what monthly payment and loan term they consider acceptable for themselves.
According to statistics from the first half of 2024, the “youth” initial payment is 1.5 million rubles. For comparison, for the rest of the age groups, it is equal to an average of 1.9 million rubles. The monthly payment (29.2 thousand rubles) for young people is also less than the average for other borrowers (33.4 thousand rubles). “This is explained, firstly, by the more profitable real estate that young people purchase (4.6 million rubles). compared to other age groups (5.5 million rubles). Secondly, the incomes of young people (81 thousand rubles) are also significantly lower than those of other categories of borrowers (about 124 thousand rubles). At the same time, the loan term for young borrowers (over 26 years) does not differ significantly from the duration of mortgage payments for the rest (slightly less than 25 years),” Domklik notes.
Another study conducted by experts of the Opencity* new building sales service aimed to find out how many Russians born in 1997-2006 (adult citizens of the Russian Federation took part in the survey) would like to receive real estate as a wedding gift. It turned out to be quite a lot: 36% of respondents said that they consider an apartment to be the most appropriate wedding gift. To complete the picture, it is worth emphasizing that the majority (58%) of respondents at the time of the study were already living separately from their parents: 37% — in rented apartments, 11% — in dormitories, 10% — in their own existing housing. The remaining 42% of respondents indicated that they still live with their parents or relatives.
However, an apartment is not the only option for a wedding gift. 24% of respondents would prefer money that can be used, including for the down payment for the purchase of real estate, 22% named a car, 10% dream of a honeymoon, 8% of respondents would be more happy to receive other gifts.
And that’s what’s especially interesting. Among the study participants who would like to get an apartment for a wedding, only 31% of respondents said that they would really live in it themselves. Another 28% said they would sell a gift to purchase a new property that fully meets all their wishes. Another 24% would have sold the property and would not have bought another one, but would have disposed of the money at their discretion. Another 17% would rent out the donated object, and they themselves would live in other housing — their own or rented.
The respondents were also asked about the key criteria for choosing an apartment. “The most popular answer to this question is proximity to the city center, it was chosen by 45% of respondents. Another 28% named the area of the apartment/house as the most important factor. For 17%, the key aspect turned out to be good infrastructure in the area, for 10% — the availability of finishing or repairs,” the study notes.
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BFM.ru I decided to ask Moscow realtors and developers how often parents buy apartments for their children today and, as they say, for what reason? Is this trend gaining strength or, on the contrary, gradually fading away? And what parameters of housing are mainly considered for purchase? More on that next time.
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