In 2023, residents of Moscow and the Moscow region accessed a high level of mortgage financing, with banks issuing 235.5 thousand loans totaling 1.5 trillion rubles. This represented a significant leap compared with 2022, showing a 1.5x rise in the loan amount and a 1.4x growth in the number of loans. These figures were shared with socialbites.ca by the press service of the Main Directorate of the Central Federal District of the Bank of Russia, underscoring a robust year for housing finance in the area.
The Moscow region played a dominant role within the Central Federal District, accounting for 67.1% of all housing loans extended by banks in the district during the year. Under state-supported programs, a total of 176.6 thousand housing loans were issued, amounting to 1.4 trillion rubles, with the average loan size hovering around 7.9 million rubles. The mortgage loan portfolio for banks operating in the Moscow region rose by 23.3% from the previous year, reaching 3.9 trillion rubles. Notably, the average mortgage term extended to 24.7 years, marking a 5.4% year-over-year increase.
In December 2023, borrowers in the Moscow region obtained 23.3 thousand mortgage loans worth 149.7 billion rubles. Compared with December 2022, the number of loans grew by 17% and the volume by 6.5%. By November 2023, mortgage issuance had increased by 7.3% in count and 11.4% in value. These trends suggest a sustained demand for long-term housing finance even as lenders manage risk and adjust rates in a changing macro environment.
When comparing month-to-month data, December showed a notable rise in housing loan activity under state-supported programs. The December figures indicate a 22% increase in loan quantity and a 25.7% rise in loan volume relative to November. In total, residents of the Moscow region obtained 23.5 thousand loans under all preferential programs in December, totaling 194.3 billion rubles. The data highlights how government-backed initiatives continue to influence borrowing behavior and affordability in the regional housing market.
During December, the weighted average lending maturity climbed to 25.7 years, reflecting a modest 1.4% uptick from November 2023 and a 4.7% increase compared with December 2022. The December 2023 mortgage rate, meanwhile, eased by 0.3 percentage points from November, landing at 8.1%. These movements illustrate how lenders balance long-term amortization with financing costs, aiming to support steady borrower participation while managing risk in a volatile environment.
Historically, discussions around mortgage affordability in the region have included proposals from governmental bodies to allocate funds to support regional rate reductions. The aim behind such initiatives is to relieve pressure on borrowers and stimulate entry into the housing market, particularly for first-time buyers and families seeking stable, long-term housing solutions. This evolving policy context remains a key factor for lenders, borrowers, and regional planners as they navigate the complexities of financing homeownership in a large metropolitan area.