02.05.2024, 08:59
Russians have sharply cooled down to mortgages
Source: OREANDA-NEWS
OREANDA-NEWS By the end of March 2024, mortgage issuance in Russia fell by almost 40 percent compared to the same period in 2023. The fact that Russians have sharply cooled down to mortgages, with reference to the materials of the United Credit Bureau (OKB), is reported by Izvestia.
According to the OKB, in the third month of this year, banks issued 126 thousand mortgages totaling 500 billion rubles, which is 39 and 36 percent lower, respectively, compared with March last year. A similar situation was observed in Rosbank — by the end of March, 40 percent fewer housing loans were issued than in the same month of 2023.
The decrease in disbursements, the press service of the Central Bank notes, was influenced by measures taken by the regulator and the Cabinet of Ministers to cool the market. Among them are an increase in the minimum down payment on a preferential mortgage to 30 percent, a reduction in the maximum loan amount under the same program from 12 to 6 million rubles in Moscow, St. Petersburg, the Moscow region and the Leningrad regions, as well as the introduction of additional allowances for banks to risk coefficients on housing loans with a down payment of less than 30 percent. The latest innovation, according to Freedom Finance Global analyst Vladimir Chernov, has led to the fact that it has become unprofitable for financial organizations to issue loans to people with small savings. He added that a decrease in rents would entail a decrease in real estate sales and a reduction in new development.
Alexey Krichevsky, the author of the Telegram channel "Economism", suggests that under the closure of the preferential state program with a rate of 8 percent, there will first be a surge in housing sales, but by the end of the year the market will inevitably sink. Independent expert Andrey Barkhota, in turn, predicted that by the end of 2024, the pace of mortgage issuance may lag behind the results of 2023 by 15-25 percent.
In April, it became known that the interest of Russians in mortgages for individual housing construction has increased dramatically.
According to the OKB, in the third month of this year, banks issued 126 thousand mortgages totaling 500 billion rubles, which is 39 and 36 percent lower, respectively, compared with March last year. A similar situation was observed in Rosbank — by the end of March, 40 percent fewer housing loans were issued than in the same month of 2023.
The decrease in disbursements, the press service of the Central Bank notes, was influenced by measures taken by the regulator and the Cabinet of Ministers to cool the market. Among them are an increase in the minimum down payment on a preferential mortgage to 30 percent, a reduction in the maximum loan amount under the same program from 12 to 6 million rubles in Moscow, St. Petersburg, the Moscow region and the Leningrad regions, as well as the introduction of additional allowances for banks to risk coefficients on housing loans with a down payment of less than 30 percent. The latest innovation, according to Freedom Finance Global analyst Vladimir Chernov, has led to the fact that it has become unprofitable for financial organizations to issue loans to people with small savings. He added that a decrease in rents would entail a decrease in real estate sales and a reduction in new development.
Alexey Krichevsky, the author of the Telegram channel "Economism", suggests that under the closure of the preferential state program with a rate of 8 percent, there will first be a surge in housing sales, but by the end of the year the market will inevitably sink. Independent expert Andrey Barkhota, in turn, predicted that by the end of 2024, the pace of mortgage issuance may lag behind the results of 2023 by 15-25 percent.
In April, it became known that the interest of Russians in mortgages for individual housing construction has increased dramatically.
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