Domclick experts spoke about the annual changes in the mortgage market

In the year that has passed between SPIEF 2025 and SPIEF 2026, the mortgage lending market has gone from being highly dependent on preferential programs to a more balanced distribution of demand between subsidized and market mortgages, experts from Sberbank's Domclick service said.

Experts say that in the preferential mortgage market, excessive demand has been replaced by cooling. During the second half of 2025, the mortgage market began to adapt to new conditions: the key interest rate began to decrease slowly, inflation stabilized, and the Russian government proposed to modernize preferential mortgage programs. As a result, the demand for preferential mortgages peaked in December 2025 and January 2026. So, according to the Savings Bank, in December 2025, Russians took out a mortgage with state support in the amount of more than 500 billion rubles, and in January — 260 billion rubles. After that, interest in preferential mortgages adjusted: the share of government-supported programs in the total volume of loans decreased by 15-20 percentage points and is now approaching 60%.

Since February 2026, there has been a noticeable increase in interest in basic mortgages: during this time, the share of market programs has more than doubled, reaching 37.3%. This was due to the high demand for Family mortgages on the eve of restrictions in February, which temporarily dampened interest in preferential programs.

There is also a clear increase in lending in absolute terms. According to the Savings Bank, in the first five months of 2026, the volume of market mortgage loans exceeded 350 billion rubles, which is 4 times more than the results from January to May 2025.

In parallel with the change in the structure of mortgage lending, there is a noticeable shift in demand between housing segments. Preferential mortgages supported a high interest in new buildings, which was also reinforced by the high key interest rate on market programs. As a result of changes in the conditions of support programs, as well as a reduction in the key rate, borrowers' preferences began to shift towards the secondary market: since February 2026, the share of ready-made apartments in rents has consistently exceeded 25-27%