August 5 10:37
According to preliminary estimates of VTB, in July, Russian banks issued mortgage loans for the purchase of housing for 340 billion rubles. This is 11 % more than in June of this year. The average loan amount amounted to about 5.5 million rubles.
In total, according to the results of seven months of the year, the volume of mortgages in Russia exceeded 1.8 trillion rubles, which is 42 % lower than the result for the same period last year. The bulk of the mortgage issues falls on the program with state support – 83 % in July and 79 % since the beginning of the year.
“July indicators indicate a gradual restoration of demand for a mortgage. The volume of issuance exceeded June of this year and only 3 % lost to the results of July 2024. We expect that the mitigation of the regulator’s policy will contribute to further restoration of demand, while most of the issuance will be maintained within the framework of state programs, ”commented Alexei Khundorzin, senior vice president, head of the VTB retail business department.
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