Preferential mortgage issuance in Russia in late 2024 hit lowest level since start of full-scale war

Source: Meduza

The volume of subsidized mortgage loans issued in Russia during the fourth quarter of 2024 dropped to its lowest level in years, with banks issuing 109,500 loans totaling 610.9 billion rubles ($6.2 billion).

According to Kommersant, citing data from the United Credit Bureau, this was the weakest quarterly performance since the second quarter of 2022 and nearly three times lower than the fourth quarter of 2023, when loans amounted to 1.7 trillion rubles ($17.3 billion).

The surge in mortgage issuance in late 2023 had set a record, fueled by rumors that government-backed subsidized mortgage programs might be discontinued. During that period, 139,000 loans were issued under the “Preferential Mortgage” program, and 142,000 loans under the “Family Mortgage” program.

The “Preferential Mortgage” program, which had been in effect since 2020, officially ended on July 1, 2024.

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Preferential mortgage issuance in Russia in late 2024 hit lowest level since start of full-scale war

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Preferential mortgage issuance in Russia in late 2024 hit lowest level since start of full-scale war

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