Experts spoke about the decline in the share of mortgages in the market of new buildings in Moscow

Analysts at Metrium have recorded a record decrease in the share of mortgage transactions in the primary market of "old" Moscow in the first half of 2025. This is the lowest result since the first half of 2019, when the indicator dropped to 47%. At the same time, the share of mortgage transactions in the premium class sank to a minimum in the history of the market - 16%. Izvestia got acquainted with the results on July 29.

According to the study, in January—June 2025, less than half of the customers of the new building market in "old" Moscow (48%) used a mortgage. Over the past six months, the indicator has decreased by 1% points, and year-on-year it has fallen by 20% points. The last time the minimum of mortgage transactions for six months was recorded in January—June 2019 — 47%. At the same time, there is a recovery trend in the market right now. According to the results of June 2025, the share of leveraged transactions rose to 54% from 37% at the beginning of January this year.

"Before the introduction of preferential mortgages, housing loans in Russia were much less in demand. So, in the first half of 2017, their share was only 37%. In turn, the mortgage mechanism reached its peak of popularity during the period of near—zero loans: in the second half of 2022, 76% of transactions in the new-build market of "old" Moscow were carried out with the involvement of mortgages," MR. Analytics said.

In addition, experts added that now the popularity of housing loans has significantly decreased. This is due simultaneously to the end of preferential mortgages, stricter family conditions, a high key interest rate and a ban on subsidizing loans by banks or developers. Nevertheless, even in such conditions, the product dominates the market and surpasses the share of installment transactions.

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But the active demand for such real estate remains only in the premium segment.

In terms of segments, the demand for mortgages looks heterogeneous. According to the results of the first half of 2025, the share of leveraged transactions in the mass segment of "old" Moscow was 64% (-14 percentage points year-on—year), in business class - 38% (-25 percentage points), in premium class — 16% (-32 percentage points), with the result in The premium segment is the lowest in the history of the capital's new building market. In elite projects in 2025, customers practically do not make mortgage transactions, whereas a year earlier the figure reached 4%.

"The record-long period of the high key rate has led to an unprecedented increase in the share of installments in the market. The share of transactions involving them has reached 40%, and in the premium class it exceeds 70%. The significant popularity of installments in the premium segment is explained by the combination of their profitability (absence of significant overpayments, flexible payment schedule) with high financial capabilities of the target audience, able to repay loans in a short time," said Liliya Artsibasheva, Commercial Director of Regions Development.

Artsibasheva stressed that, despite the decrease in demand, mortgages are not completely abandoned. Many clients, in fact, postpone its registration, because installments often imply a housing loan for the remaining amount. This option helps to comfortably distribute the burden on the budget, freeing up funds, in particular, for repairs in a new apartment.

On July 26, Irina Sharovarnikova, Head of PIONEER's Lending and Partner Programs department, told Izvestia about the popular myths surrounding the initial payment. The initial mortgage payment is a part of the value of the property that the buyer pays out of his own funds when applying for a loan. This amount is not included in the loan amount, but is a contribution towards the purchase of housing. As a rule, the initial payment is a mandatory requirement for banks to approve a loan for the purchase of housing, as well as a way to assess the client's solvency.

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