Mortgage issuance in September in Russia increased by 11%

According to VTB's preliminary estimates, in September, Russian banks issued about 405 billion rubles of mortgage loans for the purchase of primary and secondary housing. This is 11% more than in September last year and 3% more than in August this year.

Against the background of a reduction in the key interest rate and an improvement in market mortgage conditions, the share of state support in the largest banks continues to gradually decrease. In September, according to VTB calculations, preferential programs accounted for 76% of the total disbursements, compared with 78% in August and a peak of 82% in July. The locomotive of the market is still the "family" mortgage. VTB experts expect that the share of government programs in the market will gradually decrease to 70% by the end of the year.

In total, according to the results for nine months, mortgage issuance in Russia, according to VTB estimates, amounted to over 2.6 trillion rubles. This is about a third lower than the result for January-September last year.

"The mortgage market is showing a slow but steady recovery. As the key interest rate decreases, demand for secondary housing revives, and the segment begins to rebalance.: The decrease in the share of government programs is offset by the growing variety of market offerings," commented Alexey Okhorzin, Senior Vice President and Head of VTB's Retail Business Products Department.

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Earlier, on September 18, Russian President Vladimir Putin announced the preservation of family preferential mortgages. According to him, such measures should apply to certain categories of citizens and territories.

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