In 2023, mortgage activity in Russia predominantly involved adults aged 25 to 45. The typical borrower tended to be a woman with higher education, legally married, and without children. This profile reflects a detailed analysis conducted by experts at Banki.ru.
Analysts noted that women generally demonstrated higher creditworthiness than men, which translated into a greater likelihood of mortgage approval for female applicants. This finding echoes broader observations about borrower behavior and lending standards observed over the period.
Throughout the year, the majority of mortgage inquiries came from Russians who were officially employed, including individual entrepreneurs. The share of applications from unemployed individuals and retirees remained comparatively small. Notably, about one third of prospective borrowers expressed a preference for loan terms spanning 20 to 30 years.
The average mortgage amount rose over the year, climbing by nearly 9 percent to reach 3.3 million rubles. Consistently, many borrowers sought loans in the 1 to 3 million ruble range. Yet there was a clear shift toward larger sums, with interest growing in the 5 to 10 million ruble category. The share of applications within this higher bracket increased from 13 percent in the first quarter to 18 percent by the end of the year, signaling a shift toward more expansive financing for property purchases. (citation: Banki.ru)
From March 1, the Central Bank of Russia began tightening mortgage lending conditions for domestic borrowers. This change impacted lenders and borrowers alike, shaping approval dynamics and borrowing strategies. Analysts and financial outlets tracked the effects across the market, evaluating who would be most affected and how households adapted to the evolving rules. (citation: financial press)
As the year progressed, questions arose about how these shifts would influence pricing and demand for primary and secondary housing markets. Observers considered the implications for buyers, sellers, and mortgage providers, noting a gradual recalibration in borrower expectations and risk tolerance. (citation: market reviews)