VTB: mortgage market grew 1.5 times in February
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In February, Russian banks issued more than 420 billion rubles. on mortgages, which is 1.5 times more than in January, VTB reports. Among the factors that influenced this, the bank named preferential mortgages, the commissioning of new development facilities and the expected reduction in subsidized programs from developers.
VTB last month issued about 15 thousand housing loans for 78 billion rubles. This is more than 1.7 times higher than in January. The average check amounted to about 5.2 million rubles, it grew by almost 20% over the year. About 40% of sales in February were in Moscow and the region (about 30 billion rubles). The top 5 also includes St. Petersburg with the Leningrad Region (about 7 billion rubles), Krasnodar Territory (6.8 billion rubles), Tatarstan (3 billion rubles) and the Novosibirsk Region (2.2 billion rubles).
The main demand was for ready-made housing, whose share in the total number of VTB transactions in February reached 54% (+3 percentage points for the year). Of the preferential programs, the most popular was the “family mortgage”, which was issued by almost 3.5 thousand bank customers in the amount of more than 21 billion rubles. In general, in 2023, sales in the Russian mortgage market may amount to more than 5 trillion rubles, says Evgeny Dyachkin, Vice President, Deputy Head of the Retail Business Department at VTB.
Central Bank (CB) said, which is ready at the legislative level to prohibit developers from offering housing loans at low rates in the region of 0-1%. In addition, the Central Bank plans to increase the level of reserves for banks on such loans up to 30-50%. This should force developers to revise the conditions for proposals and bring them up to average market values. The regulator claims that real estate costs 20-30% more with such loans.
About how the Central Bank is struggling with cheap mortgages from developers, read the material “Kommersant” “Non-round zero”.
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