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. Source: TV 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. Source: VTB 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. Source: News Agency Updates.