The growth rate of mortgages in the Russian Federation in October slowed to 1.8%

AK&M 22 November 2022 12:47

The mortgage portfolio of Russian banks in October 2022 increased by 1.8% after an increase of 2.3% in September. The slowdown in growth is associated with increased uncertainty for both borrowers and banks. This is reported in the materials of the Bank of Russia.

Loans decreased by 13% to RUB 448 billion from RUB 518 billion, stronger in the primary mortgage segment (-23%), while in the secondary market the reduction was 5%.

The main decrease was due to preferential mortgages: loans in October decreased to 182 billion rubles from 240 billion rubles in September. The most significant reduction occurred within the framework of the "Preferential mortgage" at 7% (by 24% to 119 billion rubles from 157 billion rubles).