Sber sees no signs of a “bubble” in the mortgage market. The bank’s president, German Gref, announced this at Investor Day. TASS.
According to the senior executive, analysis by the bank’s experts did not reveal signs of a possible “bubble” (overheating of the segment and threatening to collapse in the future). Sometimes a “bubble” in the mortgage market means a large difference in primary and secondary home prices.
However, Gref stated that this differentiation, which currently reaches 37% in Moscow, is due to the availability of privileged mortgages.
“Once such programs are phased out, our estimates suggest the gap will drop to 7-8% or disappear entirely by 2023-2024,” he said.
“socialbites.ca” at the end of November reportedHe noted that in September 2023, banks in Moscow and the Moscow region set a historical record for the issuance of mortgages – 180.4 billion rubles. The reason for this is that loans are pre-processed before the Central Bank increases interest rates. The forecast of expected growth in down payments has also stimulated borrowers’ activities. The weighted average interest rates on ruble mortgages fell to 7.9% in September. This could threaten to increase the risk of mortgage defaults and market overheating, experts say.
previously economist warned about the “bloodbath” in the securities market.