Despite the decrease in the share of concessional mortgage programs due to tightening credit conditions, housing demand in Russia is still high. This is evidenced by analysis of more than 250 thousand mortgage applications conducted by the Find Insight AI analysis service. socialbites.ca has a copy.
While the share of privileged housing loans in the total applications made to the TYMY platform in December 2023 was 76 percent, this rate dropped to 60 percent in January 2024 and remained at 62 percent in February and March. The 8% rate program applied to new buildings had the most significant decrease, falling from 31% in December to 18-24% in the following months, due to the increase in the down payment to 30%.
After the state support limits were exhausted, IT mortgages were completely stopped by major banks in February-March. The share of family mortgages remained at 37-40%, and around 1% in the Far East.
But the share of standard mortgage programs increased significantly – from 24% in December to 38-40% in January-March.
“People are more likely to focus not on the interest rate but on the size of the monthly payment that will suit their income level. In this regard, buyers are considering options with a smaller area or, if possible, in another region with lower housing costs,” notes Nikita Arzamastsev, co-founder of the Find Insight AI analysis service and product director of TYMY.
The average mortgage borrower in Russia is a person aged 36-37, married (58%), with 1-2 children (56%), has a source of income of 113 thousand rubles, and is buying an apartment for himself, not for investment. .
“The average mortgage borrower in Russia is often a fairly young person with a source of income slightly above the average salary. “This became even clearer from the beginning of 2024, when the share of concessional mortgages decreased significantly as a result of a significant tightening of concessional loan conditions, but the market did not stop, but only slowed down,” explained Arzamastsev.
Before that it was known that the Russians were becoming more likely. to request credit history.
It was like that before named The condition for reducing prices of primary products in Russia.