Residents of Russia in January-July 2019 began to take on average larger
mortgage loans on
Purchase of an apartment compared to the same period of the previous year.
According to the Central Bank, in the first seven months of this year, 676,000 new loans were provided for
buying an apartment. The total amount was 1.5 trillion rubles. This indicator is lower than the indicator for January-July last year by 13.9 percent in quantitative terms and by 4.5 percent in monetary terms. The portfolio of mortgage housing loans increased by 9.5 percent and as of August 1 amounted to 7.2 trillion rubles.
As the monitoring showed, the decrease in announced mortgage interest rates in August compared to January is mainly in the range of 0.2-2 percentage points. The Bank of Russia expects that the size of the
mortgage lending market will continue to grow. According to the head of the bank, Elvira Nabiullina, next year the Central Bank includes in its forecast the growth rate of about 20 percent per annum.
