Analysts from the SaaS platform TYMY summarized the spring results in the mortgage market. In a comment on RB.RU they reported that the percentage of loans for individual housing construction (IHC) grew the fastest. One in five loans from large Russian banks was granted for these purposes.
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Following a drop in activity in the mortgage market in January and February, spring 2024 showed moderate growth. The number of mortgage applications sent through the TYMY platform in March increased by 19% compared to February, in April the volume of applications increased by 30% compared to March.
At the beginning of May, demand decreased, due to the large number of holidays, which affected market activity. By the middle of the month, the volume of applications returned to the April level.
Seven out of ten (71%) mortgage loans issued by Russian banks turned out to be preferential. Analysts point out that in the spring of last year only between 35% and 38% of these requests were received. For most banks, the main driver now is preferential mortgages for the construction of individual homes.
“In anticipation of the probable termination of the preferential mortgage program from July 1, 2024, June may become a record for transactions of this type in history. I know that some of our partners plan to increase the share of individual housing construction in the structure of mortgage transactions to 40% in July,” said Alexey Maitrenko, general director of IT company TYMY.
He added that an increase in the volume of applications and transactions for preferential mortgages is also expected in June. The fact is that banks have significantly intensified their offers to get the maximum number of clients this month.
We previously wrote that VTB began issuing mortgages in Crimea. The first loan approved by the bank amounted to 3.2 million rubles.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
