The Central Bank recorded a sharp drop in mortgage demand in February

Year-on-year, the indicator fell by a quarter. The issuance of preferential programs turned out to be twice lower than the average figures for the second half of 2023

In February 2024, banks issued mortgages for 320 billion rubles, which is almost a quarter lower than the same indicator last year. Such data is contained in the study of the Central Bank.

“According to preliminary data, in February 2024, housing mortgage loans were issued. – Ed.) in the amount of about 320 billion rubles, which is almost a quarter lower than a year earlier,” the report says.

Mortgage issuance under preferential programs slowed down in February after a “significant surge in the second half of last year,” the Bank of Russia noted. According to operational data, “Dom.The Russian Federation”, referred to by the Central Bank, in February, about 213 billion rubles were issued under preferential programs (almost 66.6% of the total). This is twice lower than the average value for the same period in July — December 2023 (about 550 billion rubles). At the same time, the result of this February turned out to be slightly higher than February 2023 — then Russians issued a mortgage for 210 billion rubles under preferential programs.

Since the end of 2023, the rules for issuing mortgages under preferential programs have been tightened in Russia. In particular, the maximum loan amount for a preferential mortgage on new buildings for all regions, including the capital, has decreased to 6 million rubles. Previously, the amount for these regions was twice as high — 12 million rubles. In addition, the initial payment for the program has been increased from 20% to 30%. At the same time, the amount of compensation for preferential programs was reduced for banks.

In addition, since March 1, the Bank of Russia has introduced surcharges to mortgage risk ratios. They now concern both primary and secondary housing. The surcharges are related to the level of the borrower’s debt burden and the amount of the initial payment. The regulator is taking all these measures to cool demand in the mortgage market, where it sees overheating.

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