Overview
- Russian banks are set to issue about 735 billion rubles in mortgages in December, up 48% from November and 2.6 times a year earlier, with VTB citing a year‑end “deadline” effect that lifted state‑supported deals to an estimated 88% share.
- Family mortgages surged about 200% in 2025 to roughly 100,000 loans totaling 565 billion rubles, according to DOM.RF, with demand pulled forward ahead of 2026 rule changes and a reversion of bank reimbursements to base levels from January 1.
- Market (non‑subsidized) mortgage issuance exceeded 500 billion rubles in 2025, Sberbank’s DomKlik reported, with more than 220 billion rubles in the fourth quarter as the key rate cut to 16% improved basic lending conditions.
- The Bank of Russia tightened macroprudential limits for individual housing construction loans for the first quarter of 2026, making approvals harder for highly indebted borrowers, while rules for apartment purchases remain unchanged.
- Developer sales under shared‑equity contracts reached 5.0–5.2 trillion rubles for 25–26 million square meters, DOM.RF said, even as risks build from thinner escrow coverage of project‑finance debt, large buyer instalments outstanding, and a 2026 outlook that diverges between the Central Bank’s easing‑inflation forecast and analysts’ recession and currency‑stress warnings.