The mortgage loan market in Russia is expected to shrink significantly by the end of 2023. This was announced by DOM.RF Director General Vitaly Mutko during the “Open Dialogue” in the Federation Council. TASS.
According to his forecast, mortgage issuance will reach 1.1-1.4 million loans worth 3.9-5.0 trillion rubles, which will be 30-45% less in quantity and 35-50% in volume than by 2022. At the same time, the mortgage portfolio will grow by 1-1.5 trillion rubles.
Despite the expected reduction, Mutko does not see widespread financial problems and risk of bankruptcy among developers. “A sufficient “safety cushion” has already been created in the form of accumulated sales for existing projects. He emphasized that the project financing system, which has been in operation since 2019, reliably protects citizens and prevents the emergence of new “deceived shareholders”.
“A decrease in the commissioning of new buildings can be expected in 2026-2027,” added DOM.RF general director.
The day before it became known how many Russians there were denied On credit in 2024
Russians before warned about the increase in prices for secondary apartments.