Russian banks issued 380 billion rubles in the first half of the year for the construction of country houses, demand doubled

According to VTB, the number of transactions on suburban mortgages in the first half of 2024 in St. Petersburg and the Leningrad region increased by 63%. At the same time, more and more mortgage borrowers in the suburban market of St. Petersburg and the Leningrad region are choosing the option of building residential housing, rather than buying ready-made houses.

In general, in Russia in the first half of 2024, banks issued more than 380 billion rubles for the construction of residential housing — this is twice as much as in the same period last year. During this period, VTB issued 2.4 billion rubles of loans in St. Petersburg and the Leningrad Region for the purchase and construction of country houses. According to this indicator, the region is inferior to Moscow and the Moscow Region, where more than 7.3 billion rubles were issued, as well as Tatarstan (3.6 billion rubles) and Krasnodar Territory (2.6 billion rubles). Sergey Babin, Head of the VTB Mortgage Lending Department, believes that demand in this segment reached its peak in the first half of the year.

According to the bank’s experts, if in the first half of 2023 the share of residential housing in the St. Petersburg and Leningrad region market was 12%, then this year 45% of those wishing to buy a plot and build a house there on credit became, respectively, the share of loans for finished houses decreased. The change in the demand structure led to a decrease in the average loan receipt in the region from 9.2 to 8.3 million rubles. “Against the background of expensive loans for urban real estate, a third of our borrowers preferred to build houses themselves,” commented Sergey Babin. “The curtailment of preferential programs will obviously cool down this market, but the trend of moving out of town can no longer be stopped.” Indeed, transactions on government programs with lower rates accounted for the vast majority — for example, in VTB, their share in the suburban market at the end of June was 75%, whereas a year ago it was only 33%.

Источник: www.fontanka.ru