In the top ten with the lowest drop in mortgage lending, eight places were occupied by regions in which the preferential Far Eastern and Arctic program operates
In July 2024, 20.69 thousand mortgage loans were issued in the Russian new construction market. This is 78% lower than in June, when many were in a hurry to apply for loans before the end of the preferential mortgage program. The regions in which the Far Eastern and Arctic programs operate have experienced the cancellation of mortgages with state support more easily than others, according to a study by CIAN analysts based on data from the Central Bank.
In the top ten regions with the lowest decrease in mortgage lending for the month, eight regions are locations where the Far Eastern and Arctic Mortgage program operates. For this reason, the completion of the preferential mortgage, as well as the tightening of conditions for the family program and the change in conditions for IT mortgages did not have as much effect on the markets of these regions as in other regions of Russia, the CIAN clarifies.
The smallest drop in mortgage lending in July this year was recorded in the Jewish Autonomous Region and the Republic of Sakha (Yakutia). In both regions, the decrease by June was 42%, to 42 and 510 transactions, respectively.
Ingushetia took the second place with a decrease of 45%, up to six mortgage loans, and the Sakhalin Region took the third position (- 50%, up to 127 transactions). The Trans-Baikal Territory took the fourth place (-55%, up to 244 transactions), and the fifth place with a decrease of 56% was shared by the Republic of Buryatia (323 mortgages) and Primorsky Krai (679 transactions).
Top 10 regions of Russia with the lowest decrease in mortgage lending
| Region | The number of mortgage loans issued in July 2024 | Decrease by June |
|---|---|---|
| Jewish JSC | 42 | –42% |
| The Republic of Sakha (Yakutia) | 510 | –42% |
| Ingushetia | 6 | –45% |
| Sakhalin region | 127 | –50% |
| Trans-Baikal Territory | 244 | –55% |
| The Republic of Buryatia | 323 | –56% |
| Primorsky Krai | 679 | –56% |
| Khabarovsk Territory | 470 | –57% |
| Arkhangelsk region | 251 | –61% |
| Tula region | 401 | –66% |
Data: “CYANOGEN.Analytics”
“Given that the issuance of loans on family and IT mortgages has resumed on the market (albeit with stricter conditions), and developers have begun to offer their own programs of subsidizing rates and discounts more often, activity is likely to increase by the end of August,” says the expert of CIAN.Analysts” Elena Lapshina.
According to Domclick, in July 2024, the share of preferential mortgages amounted to 34%, showing an average decrease in the country by 42 percentage points by June. The study clarifies that the main drawdown of loans on preferential mortgages occurred in the second week of July, then the activity of borrowers began to increase.
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