The drop in demand for mortgages is due to market programs, the rates for which remain high. According to analysts, in the two weeks of March, the issuance of market mortgages decreased by more than 50%
In the first two weeks of March, Russian banks issued 44 thousand mortgage loans totaling 185 billion rubles, compared with the same period in 2023, the decrease was 25% in quantitative and 14% in monetary terms. Such data is contained in the report (available in the editorial office) of the analysts of Dom.RF.
The decline is due to market programs, the rates for which remain at about 17% per annum. According to analysts, during the period under review, the issuance of market mortgages decreased by more than 50% compared to the same period last year. At the same time, the volume of issuance of preferential mortgages, the rate of which varies from 2% to 8% per annum, increased by 22%. The share of preferential programs in the total mortgage issuance was 61% in number and 75% in volume.
In January-February 2024, the demand for mortgages also decreased. According to estimates, “The House.In two months, Russians issued 168 thousand housing loans (-12% compared to the same period last year) for 599 billion rubles (-15%). The decline also occurred due to market programs — the issuance of them decreased by 27% in number compared to the same period last year.
At the same time, the demand for preferential mortgages increased in two months of 2024 — banks issued 80 thousand loans (+12% yoy) for 411 billion rubles (+18% yoy). It is noted that demand has increased for all state programs, except for preferential mortgages for new buildings. According to it, the issuance decreased by 9% due to changes in its conditions from December 23, explained in Dom.RF.
According to VTB forecasts, by the end of March, Russian banks can issue mortgages worth 500 billion rubles, which is more than 1.5 times higher than the result in February. In March, there was a revival in the mortgage market after the disastrous January-February, the bank noted. VTB itself issued more than 11 thousand housing loans worth 56 billion rubles in the first half of March, which is almost three times higher than the result for the comparable period in February.
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