At the start of 2023, Sberbank observed a notable uptick in demand for housing loans among Russian borrowers. The bank’s president, German Gref, shared the trend with reporters, noting stronger activity in the mortgage segment as winter gave way to spring.
He stated that mortgage growth began at the year’s outset and accelerated through February, with applications surpassing January figures by more than 14 percent. When compared with February 2022, the year over year increase reached roughly 18 percent. In January and February combined, about 700 thousand applications were filed, totaling around 2.2 trillion rubles. Early March data suggested the momentum would continue, as more than 150,000 new applications worth approximately 560 billion rubles were submitted in the first half of the month.
Industry observers previously pointed to Central Bank statistics reported by TASS and other outlets, which indicated that mortgage issuance in the domestic market did not reach the peak levels seen at the end of 2022. Nonetheless, lending standards remained moderate for prospective borrowers as winter ended, supporting steady demand from buyers and investors alike.
Market participants cited additional findings reported by Kommersant on March 10, noting that the demand for the preferential IT worker mortgage program exceeded government expectations. The program drew attention for its faster-than-expected uptake, with the Ministry of Digital Development anticipating around 10,000 approvals by the end of 2022 but only achieving roughly half that pace by earlier estimates. Analysts observed that the IT mortgage option continues to influence overall demand, as buyers weigh favorable terms against other financing options.
Overall, the early 2023 period characterized a transition from a strong late-2022 housing market to a more balanced lending environment. Banks across the sector reported improving appetite for secured loans, while borrowers expressed cautious optimism about rate levels, repayment terms, and program availability. The evolving landscape reflects ongoing attention from regulators, financial institutions, and industry watchers as they monitor the pace of demand, credit risk, and policy support in shaping housing finance in Russia.