In 2022, Moscow saw a notable rise in the average mortgage loan amount, climbing by 15 percent to 7.42 million rubles. This shift was reported through TASS, citing a study conducted by Progorod, which operates under the VEB.RF group. The report emphasizes that last year’s average loan cost stood at 6.47 million rubles, underscoring how surging housing prices drove the increase in borrowing power. The total value of mortgage loans for purchasing real estate in Moscow that year reached 666 billion rubles.
The study highlights a peak in mortgage activity in Moscow during February 2022, with loans for housing purchases totaling 74 billion rubles, and again in December, at 87 billion rubles. At the start of 2022, buyers borrowed about 7 million rubles on average, and by December the average loan size rose to around 8 million rubles. The data also show that higher loan amounts tend to be paired with longer repayment terms. By the end of 2022, the average term for housing loans in Moscow averaged 24.4 years, up from 22.2 years in January.
Further context from Izvestia, drawing on the national real estate firm Etazhi, notes that in January 2023 the average mortgage for secondary housing in major Russian cities stood at 3.53 million rubles, marking an 11.5 percent increase year over year. This pattern reflects broader trends in borrowing for urban housing, with secondary markets showing resilience even as prices fluctuate across regions.
Russian President Vladimir Putin has called for measures to broaden access to affordable mortgages, particularly for wooden houses. The aim is to support domestic demand within the sector and help stabilize the housing market as a whole. Policy dialogue continues to weigh the balance between encouraging lending and maintaining prudent risk management for banks and borrowers alike.