Mortgage issuance in Russia in 2024 was 39% lower than in 2023
At the end of 2024, mortgage issuance in Russia will amount to about Br4.8 trillion. This follows from VTB's preliminary calculations, which were reviewed by "Izvestia" on January 13.
This figure is 39% lower than the result of the record-breaking year 2023, when issuance amounted to 7.8 trillion rubles, but comparable to the results of 2022 (4.9 trillion).
At the same time, according to the credit organization, in December 2024, mortgage originations in the country amounted to more than Br270 billion - 4% higher than the result in November. The bulk of the volume came from state support, primarily "family". The share of this program reached the maximum for the year - 84%, the bank said.
"This year much will depend on new government initiatives to support demand for "Family Mortgage", which should again become the driver of the entire mortgage market," - said the head of the department "Mortgage Lending" VTB Sergei Babin.
According to him, credit organizations will focus on working with the existing loan portfolio, on improving the quality of service and expanding services for non-mortgage transactions.
Earlier, January 12, it was reported that the share of transactions with mortgages in the secondary market set a record, falling to 20%. This was a historic low, told "Izvestia" in the federal company "Etazhi". In 2023, the share of transactions with mortgages in the secondary market was in the range from 51 to 61%, in the first half of 2024, 44.7% of buyers of ready housing used credit funds, and since July 2024 there was a sharp decline in mortgage transactions to 30-35%, which by early 2025 came to 20%, the company said.
