In January 2024, demand for mortgages in Russia decreased significantly against the background of an increase in the key interest rate in December 2023. This is evidenced by the calculations of analysts of the SaaS platform TYMY; A copy is in the possession of socialbites.ca editors.
The number of mortgage applications decreased by 11% between 18-24 December compared to the previous week, and by 43% between 25-31 December. And in January the collapse was already more than a third.
According to Nikita Arzamastsev, co-founder of the AI analysis service Find Insight and Product Director of TYMY, the seasonal factor also affected the dynamics – in early January, activity on the mortgage market traditionally declines.
“Demand has virtually stopped; We recorded activity at 7-10% of the weekly average. Of course, this also affected the final result: 38% fewer applications were received during the month compared to December. So we can say that the slowdown is serious, but at the same time we can assume that the market is still active,” said Arzamastsev.
In addition, the share of residential mortgages under construction in the application structure decreased noticeably – from 64-74% in December to 54-60% in January. At the same time, the share of approvals remained the same; approximately 50% for both finished and under-construction housing applications.
According to the general director of the service, Alexey Maistrenko, the main trend in the mortgage market at the moment is volatility. We will have to adapt to this in the coming months.
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