According to the Domclick service, in March, the share of loans taken out in Russia on family mortgages for individual housing construction amounted to 41%
In March, more mortgages were issued for country houses than for apartments in new buildings. According to analysts of the Domclick service, the share of loans taken out in Russia on family mortgages for individual housing construction amounted to 41%. This is 6% more than in February and 31% more than in December 2023.
At the moment, this result has been recorded only in the “Savings Bank”. But in the whole country, the issuance of loans for individual housing construction has increased at least twice compared to last year.
Demand in this segment is really growing. First of all, due to the growth of family mortgages, says Alexey Popov, head of the CIAN analytical center:
Alexey Popov, head of the CIAN analytical center, “Yes, the share of family mortgages is growing, this is understandable, there are lower rates and, as far as I understand, a less stringent approach to scoring potential borrowers. The general interest in lending to multi-storey construction projects remains, and the number of mortgage programs from banks is increasing. The number of projects is increasing, including from federal system developers. Yes, the number of these objects is increasing, but in absolute terms their number remains small. The share of mortgage loans that account for lending to suburban real estate is growing. If we talk about the number of these mortgages, it is likely to decrease year by year, because the mortgage market is shrinking after record disbursements in 2023.”
Demand for suburban real estate rose sharply during the pandemic, and now it significantly exceeds supply. But the jump in the growth of mortgages for suburban housing is explained by a low start. Plus, Sberbank itself is fueling this demand, says Irina Radchenko, President of the International Academy of Mortgage and Real Estate:
Irina Radchenko, President of the International Academy of Mortgages and Real Estate, “Mortgages for suburban construction in previous years amounted to an arithmetic error of 3-4%, a maximum of 5% of the total volume of housing issued. Now, when there is such a sharp jump, it is from a low start, when it was 5%, and now 8%, Of course, wow, but still it is incommensurable with a mortgage on new buildings. Now we will figure out why even this 3% has doubled. All this HYPE arose due to the fact that Sberbank came up with a program of preferential mortgages for the construction of country houses. And they give out 6 million rubles for the construction of a country house at 6%, and within three years the borrower must show a document that he built the house. What do smart realtors who want to get their commission faster do? They persuade the client to buy [land] for 100,000 rubles somewhere in Kukuyev and get 6 million rubles to the account. Sberbank is massively implementing the practice, borrowers have figured out this product. But if you look closely at how many of these borrowers are actually building, I think there will be disappointment for Sberbank analysts.”
Prices in the suburban real estate segment, according to market participants, are also rising. Especially for high-quality objects. Suburban real estate reacts faster to everything that happens with the cost of construction, the cost of labor. And it has gone up in price.
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Since there are not so many high-quality objects in the segment, the cheaper ones are sold faster, the more expensive ones remain. Accordingly, the value of the offer increases. The price growth in suburban real estate is generally higher than for apartment buildings. That is, if apartment buildings are growing in price by less than 10% year on year, then in suburban real estate the growth is 15-20%.
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