In January 2024, Russians registered 12 thousand loans under family mortgage programs totaling 77 billion rubles, a figure shared with socialbites.ca by Mikhail Goldberg, the head of the DOM.RF Analytical Center. He spoke while commenting on the continuation of the program beyond July 1, outlining what the data implies for policy and lending activity in the near term.
Goldberg highlighted that this January performance stands well ahead of the same month in 2023. With the current program parameters set to remain in force through July 2024, he encouraged readers to look ahead to the first half of the year. Based on his projections, loan issuance is expected to stay around last year’s level, roughly 550 billion rubles, which translates to about 130 thousand mortgages. His assessment reflects a cautious forecast that balances ongoing demand with the constraints facing would-be borrowers.
The analyst noted a pattern in borrower behavior: newly formed families appear to be among the most dependable borrowers, suggesting that the share of mortgages in the overall debt of Russians might not rise sharply. On the contrary, Goldberg said the primary hurdle remains living space—many couples are seeking more spacious homes to accommodate growing families. To address this, he proposed a further reduction in family mortgage rates from the current 6 percent for purchases of larger apartments, arguing that cheaper financing would help widen access while supporting outcomes in housing demand and household mobility.
Additional context about these developments can be found in the press coverage by Newspapers.Ru, which examined the implications for the housing market and consumer lending dynamics in greater depth.
On January 23, Russian President Vladimir Putin stated that authorities would definitely extend the preferential family mortgage program by 6 percent after July 1, 2024, signaling a continued policy push to maintain favorable financing conditions for families purchasing homes. This declaration aligns with a broader governmental focus on housing affordability and demographic support measures, reinforcing expectations that lenders will continue to participate under favorable terms for the foreseeable future.
In a related political exchange, a former State Duma member discussed the extension of the family mortgage scheme within Russia, underscoring the ongoing debate about how best to balance fiscal responsibility with social and demographic objectives. The conversation reflects the interplay between policy design, market response, and the lived experiences of families navigating the housing market.