in January, mortgage growth slowed to 0.6% from 2.9% in December – Kommersant
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According to preliminary estimates from the Bank of Russia, consumer lending increased by 0.8% in January 2024 after a contraction of 0.1% in December 2023. Mortgage growth slowed to 0.6% from 2.9%. The last time the figure was at 0.6% was in January 2023. In total, in January, according to Central Bank estimates, mortgages were issued for 275 billion rubles, which is almost three times less than in December last year – 785 billion rubles.
In the report (.pdf) the regulator says that a slowdown in mortgage growth is typical for January due to the holidays. However, in 2024 the slowdown is also due to tightening conditions for mortgages with state support. This especially affected preferential mortgages, where from the end of December 2023 the down payment was increased from 20% to 30%, and the maximum loan size was reduced to 6 million rubles, the Central Bank noted. An additional impact was exerted by an increase in market mortgage rates, as well as a tightening of the macroprudential policy of the Bank of Russia.
Issues of mortgages with state support in January compared to December decreased from 655 billion rubles. up to 189 billion rubles. In particular, the issuance of preferential mortgages decreased from 280 billion rubles. up to 58 billion rubles, and for family mortgages – from 284 billion rubles. up to 102 billion rubles. Issues of market mortgages also decreased, but less significantly. According to preliminary estimates of the Central Bank, the figure decreased to 86 billion rubles. (-35% relative to December 2023).
Read more about the mortgage market in 2023 in the Kommersant article “Developers are preparing for discounts”.
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