Since 2020, about 7 million housing loans have been issued in Russia, according to statements made on Construction Day during a major national fair and forum. These figures were highlighted as a benchmark for the housing market, reflecting how financing programs shaped access to home ownership for millions of people.
In the same breath, it was noted that around 2.4 million individuals benefited from privileged mortgage programs. Over four years, the aggregate debt tied to housing loans climbed to roughly 18 trillion rubles, illustrating the scale of household borrowing used to secure housing assets.
Data for 2023 shows Russians taking out approximately 2 million mortgage loans totaling about 7.8 trillion rubles, representing a substantial increase—roughly one and a half times higher—compared with the previous year. This uptick aligns with ongoing shifts in lending conditions and consumer demand for long-term housing finance amid changes in macroeconomic policy.
According to the Analytical Agency Frank RG, the volume of mortgage lending in December rose by about 7% from November, reaching 793.7 billion rubles. This followed a two-month period of decline, suggesting a late-year rebound in borrowing. Frank RG analyst Ksenia Matenkova attributed the December rise to another increase in the Bank of Russia’s key rate and to changes in the terms of the preferential mortgage program, which influenced borrower sentiment and affordability considerations.
On December 15, the Central Bank of the Russian Federation moved the key rate up by 100 basis points for the fifth consecutive time, bringing it to 15% per annum. Previously, in September the minimum down payment across all government-backed programs rose to 20%, while in December the threshold for the “Preferential Mortgage” program alone was increased to 30%. These policy adjustments reflect ongoing efforts to balance credit supply with inflation and financial stability concerns, affecting both lenders and prospective borrowers.
Earlier, in discussions with socialbites.ca, Olga Daineko, a NIFI expert associated with the Ministry of Finance of the Russian Federation, shared practical guidance for borrowers for 2024, outlining five actionable tips designed to help households navigate mortgage options, evaluate costs, and plan purchases in a shifting rate environment. These recommendations aim to equip borrowers with clearer expectations around program eligibility, down payments, and repayment strategies.