In July, the number of loans received by Russians for the purchase of real estate increased by 27% compared to the previous month, to 78.15 thousand. At the same time, the volume of mortgage loans increased by 25% and reached 295 billion rubles.

Such figures are contained in the report of the United Credit Bureau (UCB) published on August 18.

According to experts, in just seven months of 2022, Russians issued 592.2 thousand housing loans worth more than 2 trillion rubles.

The most active banks issued mortgages in Moscow (7 thousand loans for 52.9 billion rubles), the Moscow region (5 thousand loans for 29.5 billion rubles) and St. Petersburg (3.5 thousand loans for 20.2 billion rubles).

“The average size of a new mortgage remained at the level of 3.8 million rubles,” the bureau noted.

According to analysts interviewed by RT, the positive dynamics in the industry are largely due to the systematic decrease in market rates for mortgage loans.

According to DOM.RF, in July the figure fell to a minimum over the past five months and is now at the level of 10.08% per annum for new buildings and 10.2% per annum for secondary real estate.  

“Builders have launched their own programs, in which the percentage is significantly lower than the market.

Moreover, the reduction of the key rate provoked a surge of interest in secondary real estate.

Also, the state of uncertainty for the market gradually disappeared, which had a positive effect on lending, ”said Gleb Finkelstein, a specialist in the Strategic Research Department at Total Research, to RT.

Recall that at the end of February, the Central Bank more than doubled the key rate - from 9.5 to 20% per annum.

Such a measure was necessary to curb inflation in the face of sanctions.

In response to the actions of the regulator, Russian banks began to sharply increase interest rates on loans, and already in the second half of March, market mortgage rates reached an average of 20.4-20.8%.

The rise in the cost of loans led to a noticeable fall in the mortgage market in the country.

So, if in March Russian banks issued about 162.8 thousand housing loans for 521.3 billion rubles, then in April citizens issued only 49.4 thousand loans for 161.6 billion rubles, and in May - 36.6 thousand by 139.7 billion rubles.

Such data are contained in the materials of the Central Bank.

However, as the situation in the economy stabilized, the Central Bank began to gradually reduce the key rate from April and in June returned it to its lowest level since the end of 2021 - 8% per annum.

Against this background, banks also began to make more favorable offers on housing loans to customers, which again led to an increase in the interest of Russians in the market.

So, in June, citizens took out 65.4 thousand loans for 253 billion rubles, which is 1.8 times more than in May.

For most Russians, real estate remains one of the key ways to invest and save money earned, so the demand for square meters will remain at a good level in the near future.

This opinion was shared by the commercial director of the Strana Development Group of Companies Alexander Gutorov in a conversation with RT.

“If earlier people made deposits, kept money in the bank, bought foreign currency, now it has become irrelevant, so the only possible and reliable investment now is square meters.

In addition, it cannot be said that the demand based on the improvement of living conditions is fully satisfied.

Against this background, for many, a mortgage remains the most comfortable, and sometimes the only possible way to buy a new home, ”the expert added.

housing season

According to experts, the segment's recovery is facilitated by the implementation of preferential programs.

So, until the end of 2022, Russians can take out a mortgage loan at a reduced rate of 7% per annum.

In addition, until the end of 2023, families with one child or more, born from January 1, 2018 to December 31, 2022, have the opportunity to apply for a mortgage at 6% per annum.

“If a client buys an apartment in order to improve their living conditions, then a preferential mortgage is an ideal deal.

The fact is that the monthly payment is almost the same as the rent, but the family lives in their own apartment, ”Gleb Finkelstein emphasized.

  • AGN "Moscow"

  • © Vladimir Novikov, press service of the mayor and government of Moscow

The maximum loan amount for preferential and family mortgage programs varies by region.

So, you can get a loan at a reduced rate when buying real estate worth up to 12 million rubles in the Moscow and St. Petersburg agglomerations and up to 6 million rubles in other regions of the country.

At the same time, under the terms of both initiatives, citizens can apply for housing loans in the amount of up to 30 million and 15 million rubles, respectively.

However, the subsidized rate under this option still applies only to amounts up to 12 million and 6 million rubles (depending on the region).

At the same time, the rest will have to be paid on market terms.

“Within the framework of state-subsidized programs with a reduced interest, loans were issued in the amount of more than 1.5 trillion rubles.

The pace is high, and the president instructed to keep it, while ensuring the commissioning of housing at a level not lower than last year, ”Prime Minister Mikhail Mishustin said earlier during a strategic session on construction and housing and communal services.

According to the Ministry of Construction, from January to August, 60.6 million square meters were put into operation in Russia.

m of housing.

The indicator was almost 38% higher than the value for the same period in 2021.

As Deputy Prime Minister Marat Khusnullin added, at the moment there is an increase in housing construction in 77 regions of the country compared to last year.

The increase in supply in the housing market should play in favor of reducing prices per square meter in new buildings.

Oleg Dedkov, managing partner of LES Living Complex, spoke about this in an interview with RT.

“Already now, developers have begun to hold promotions in an attempt to attract customers with a growing number of projects on the market.

The size of the discount averages 10-25%, and in some cases reaches up to 30%,” the analyst emphasized.

A similar point of view is shared by Gleb Finkelstein.

According to him, the cost of new housing in Russia will continue to depend on the situation of developers, more than half of which are already unable to fulfill sales plans at current prices.

As the specialist suggested, in the medium term, sellers will have to make discounts and hold sales in order to sell the constructed and complete the projects that have been started.