The typical mortgage rate for buying secondary real estate in Russia shows a rising trend, moving from about 11.45% in April 2023 toward an estimated 12%. This outlook comes from a report by the TASS news agency, citing the chief expert at Rusipoteka, Sergey Gordeyko.
In the secondary housing market, the average listing rates at the start of January 2023 stood around 11.23%. By January, the rate had climbed to 11.45%, and analysts expect the gradual increase to continue, potentially reaching 12% on an annual basis by April. These figures reflect a steady upward drift in borrowing costs that affect buyers relying on secondary market financing.
Gordeyko noted that the pace of rate growth in the primary real estate market is more modest. The difference lies in the financing mix: primary market loans benefit from a larger share of private, state-subsidized, and preferential programs, which help to temper increases. In contrast, lending for the secondary market is handled on a more market-driven, commercial basis, where rates are more responsive to overall monetary conditions and lending risk assessments.
Earlier this week, the NKR rating agency reported a projected expansion in the typical mortgage repayment period, with estimates suggesting a rise to around 27 years on average. At the same time, the average monthly payment was forecast to exceed 30,000 rubles, a shift that could influence household budgets and demand for housing loans in the near term.
Additionally, RIA Novosti reported from the credit history bureau Rating Bureau, noting that January saw a higher share of real estate loans overdue by more than 90 days. The bureau indicated that around 30.4 thousand such loans were recorded, marking the highest level since May 2021. This uptick in late payments underscores ongoing credit quality concerns for lenders and borrowers alike, especially in a climate of rising rates and longer repayment horizons. (Cited from TASS via Rusipoteka, and corroborated by the Rating Bureau and RIA Novosti.)