Chelyabinsk residents more often took out mortgages for secondary housing in October

In October, Chelyabinsk residents more often took out a mortgage not for new, but for secondary housing. In the total volume of mortgage loans in the region, the share of preferential mortgages for secondary housing increased to 53%, while the primary market accounted for 44% of the total volume of issues, the press service of VTB Bank reported to URA.RU.

“Despite the shift in the interest of clients throughout the country towards preferential mortgage programs, mainly focused on the primary market, the structure of bank loans in the Chelyabinsk region in October was dominated by transactions with finished housing (53%), while the primary market accounted for 44% of the total volume of issues,” the press service reported.

In the Chelyabinsk region in October, the mortgage lending market showed a general trend towards a decrease in the availability of loans and a decrease in the volume of their issuance by all participants in the real estate market. The regulator’s overall measures, together with an increase in the key rate, were aimed at reducing the debt burden of residents of the region. According to VTB experts, the “cooling” effect on the market will continue until the end of 2024, and the decline in demand and mortgage issuance volumes in 2024 in the market as a whole could be up to 30% compared to 2023 levels.

In Russia as a whole, against this background, VTB records an increase in the share of programs with state support. “Family mortgage” is currently available for families with two children, and the age range for IT mortgages has also been expanded. Thus, in October in the country, the share of family mortgages increased from 45% to 46% in the total volume of preferential transactions, the share of mortgages with state support in 2020 increased from 41% to 42%. In turn, experts note that the validity period of preferential mortgage programs in the Russian Federation has been extended until July 1, 2024.