Moscow Leads in Mortgage Lending
OREANDA-NEWS. Most of the mortgage loans in March were taken by residents of Moscow, the Moscow region and St. Petersburg, according to the latest data from the Central Bank of the Russian Federation, cited by RIA Novosti. They accounted for about 17% of all loans. Many take home loans until the Central Bank of the Russian Federation tightened the requirements for mortgage lending.
In Moscow in March, 13.2 thousand housing loans were issued, in the Moscow region - 10.2 thousand units, in St. Petersburg - 8.4 thousand units. Residents of the Tyumen region took out 7.4 thousand loans in March for the purchase of housing - this is the fourth result in the country. The Sverdlovsk Region is in fifth place - 6.4 thousand issued mortgage loans. This is followed by Bashkiria, Tatarstan, Novosibirsk Territory, Chelyabinsk Region.
March was a record for the mortgage market due to unusually low rates. Banks increased the issuance of mortgage loans in March by 22.9%, to 178.1 thousand, and their amount jumped by a quarter to 0.5 trillion rubles. The average rate on home loans in March fell to 7.23% from 7.26% in April. Then the rates began to rise.
In 2020, for the first time in history, Russians took out 1.7 million mortgage loans worth 4.3 billion rubles. The number of loans increased by 35%, and their amount - 1.5 times. In general, Russians must return about 10 trillion rubles to banks for home loans. This amount has grown since the beginning of 2021 by more than 22% and for the first time in history exceeded 11% of Russia's GDP.
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