Nearly one in three Russians plans to refinance their mortgage in 2024 as borrowing costs rise, according to a televised news segment citing expert opinions. This signals a continued shift in consumer behavior as families reassess long-term debt amid higher interest rates. The report highlights that demand for ready-made housing remains robust, with 25% of respondents expressing interest in larger spaces and 15% indicating a sense of urgency to purchase an apartment now. Such sentiments align with expectations among a broad segment of buyers that property prices will climb in the near term. Channel News.
Mortgage issuance in Russia for January through September 2023 reached about 5.4 trillion rubles, based on VTB estimates, marking a roughly 10% increase versus the entirety of 2022. Since the start of the year, VTB customers have issued around 214 thousand mortgages totaling about 1.1 trillion rubles, surpassing the full-year figure from the previous year. The market peak appeared in September, when lending activity reached 232 billion rubles. While VTB forecasts a pullback in issuance during the fourth quarter, it projects a yearly total around 6.9 trillion rubles. Leading regions for mortgage lending include Moscow, followed by St. Petersburg and Tatarstan. and regional lending data.
Earlier reporting noted a trend of Russians seeking relief through flats with accessible mortgage terms, suggesting a push to secure more favorable financing in a rising-rate environment. This dynamic continues to shape demand patterns across major cities and suburban markets alike. Agency Updates.