The volume of issuance of
mortgage in Russia in 2021 will amount to a record 5.8 trillion rubles. This is a third more than in 2020.
"The
mortgage market in Russia has been breaking records for the fourth year in a row. This year we expect it to grow to 5, 8 trillion rubles, which is a third more than the result of last year, even despite the modernization of the state program in July," Anatoly Pechatnikov, deputy chairman of the board of VTB, quotes RIA Novosti.
According to VTB, over the ten months of this year, Russian banks issued 4.6 trillion rubles
mortgages, which is 35 percent more than in the same period last year and 4, 5 percent is the figure for the whole of 2020. According to the Central Bank, last year banks issued
mortgage loans by 4.3 trillion rubles, as a result, their mortgage portfolio grew over the year by 21.6 percent.
Previously, VTB expected that banks could issue a record 5 trillion rubles
mortgages at the end of the year.
Next year,
housing lending in Russia will be comparable to the results of this year, Pechatnikov is sure.
"Despite the increase in the key rate, the demand of customers for
mortgages will remain stable next year. One of the factors will be the modernization of state programs, which was proposed by the government this fall. In particular, the expansion of preferential conditions for individual housing construction facilities, according to our estimates, could lead to a twofold increase in the volume of this market,” said VTB top manager.
