Mortgage issuance fell by almost 25% in February – Kommersant
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According to preliminary data, in February 2024, mortgage housing loans worth about 320 billion rubles were issued in Russia, which is almost a quarter lower than in February last year, according to information (.pdf) bulletin of the Central Bank.
The Bank of Russia, citing data from DOM.RF, reported that in February the issuance of preferential mortgages amounted to 213 billion rubles. In the same month last year, this figure was 210.5 billion rubles, the regulator reports.
February 6, Director of the Banking Regulation and Analytics Department of the Central Bank Alexander Danilov stated, that, according to the regulator’s forecasts, in 2024 the growth of mortgage lending will slow down and amount to 7–12%. In 2023, the growth rate of mortgages in Russia reached 35%.
According to the Central Bank, in the total volume of mortgage issues at the end of 2023, the share of preferential programs amounted to 67% (RUB 4.8 trillion). On March 4, 2024, the Russian Ministry of Finance announced that the share of preferential mortgage programs in the volume of mortgage issuances should be reduced to 20–25%.
Read more in the Kommersant article. “A quarter of the benefits will be left to mortgages”.
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