OREANDA-NEWS VTB has raised its forecast for mortgage loans in the Russian Federation for 2023, predicts sales in excess of 6 trillion rubles, which is almost a third higher than the result of 2022 and within 10% of record sales in 2021 (5.7 trillion rubles - IF), the bank said in a statement.

"Last year, the mortgage market, like other sectors of the economy, faced quite serious shocks. However, the housing lending segment is recovering quite quickly, and this year we are waiting for a new sales record. People strive to improve their living conditions, and mortgages in this matter are still the main financial instrument for them. VTB plans to issue more than 1.3 trillion rubles of mortgage loans for the purchase of real estate this year, which will exceed the result of last year by 37% and the record 2021 by 11%," Anatoly Pechatnikov, Deputy chairman of the VTB Board, said through the press service.

Despite the tightening of regulation of the mortgage segment in 2023, the market continues to grow dynamically, the bank notes. According to him, in January-June 2023, banks will issue about 2.9 trillion rubles to the population for the purchase of real estate, which is more than 1.5 times higher than the result for the same period in 2022 and by 9% - a record 2021. In turn, the mortgage portfolio in the first half of the year will increase by 9.5% and reach 16.6 trillion rubles.

The main drivers of sales will be the active growth of interest in private construction, as well as the implementation of preferential programs and a set of measures to support social categories of the population, aimed, among other things, at increasing housing affordability. At the same time, as a result of the departure from the so-called "near-zero" programs in 2023, the demand of borrowers for new buildings will "cool down", and the main interest will be in secondary real estate, where the cost per square meter is now more affordable.