The issuance of preferential mortgages in March increased by 50%, while for market programs by only 5%, the regulator indicates
In March, Russian banks issued mortgages for 447 billion rubles, which is a third (34%) more than in February — 333 billion rubles. The growth was mainly due to preferential programs. Such data is contained in the Central Bank’s report.
It notes that the growth of the mortgage portfolio accelerated in March and amounted to 1.2% after 0.8% in February. “Loans increased by 34%, to 447 billion from 333 billion rubles in February, almost entirely due to state—backed mortgages (+50%, to 326 billion rubles), which are not affected by high market rates,” the regulator noted.
At the same time, the market mortgage grew slightly in March — by only 5%, to 121 billion rubles, the Central Bank draws attention to. According to him, market mortgages have accounted for about 30% of all loans since the beginning of the year.
Family mortgage loans increased by 50% in March, to 169 billion rubles. The issue of preferential mortgages for new buildings increased by 37%, to 95 billion rubles, almost reaching the average monthly values of the first quarter of 2023 (103 billion rubles), before tightening its conditions at the end of last year.
In addition, Russians actively applied for loans on IT mortgages, the issuance of which increased almost twice: from 24 billion rubles in February to 46 billion rubles in March, the Central Bank indicates. “It is likely that borrowers were trying to get a loan in time before the limit on the program was exhausted,” the Bank of Russia believes. From April 13, 2024, the government increased the limit by 200 billion rubles, to 700 billion rubles.
Photo: Central Bank
Nevertheless, mortgage issuance in March 2024 was 21.4% lower than in March last year. Then the Russians issued housing loans for 569 billion rubles. Moreover, the issue between preferential and market was distributed almost evenly — 291 billion and 279 billion rubles, respectively.
Earlier, analysts from Dom.RF gave their assessment of the demand for mortgages in Russia. According to their data, from the beginning of the year to April 7, Russians issued 314 thousand mortgage loans worth 1.1 trillion rubles. This is 17% less than in the same period last year in quantitative terms and 16% in monetary terms. Moreover, the issuance of market mortgages from the beginning of the year to April 7 fell even more — by 30% in quantitative terms and by 49% in monetary terms. In total, according to market programs, Russians issued 157 thousand loans for 345 billion rubles during this period.
The issue of preferential mortgages continued to grow in 2024. According to “Dom.In total, 168 thousand loans (+13% YoY) worth 880 billion rubles (+21%) were issued under preferential programs from the beginning of the year to April 11. The share of preferential mortgages in total disbursements amounted to 50% in terms of the number and 70% in terms of the amount of housing loans issued.
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