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Mortgages for private homes were in record demand.

Issuance of mortgages for construction (individual housing construction) and purchase of private houses in the II quarter. 2023 amounted to 77 thousand loans worth 286 billion rubles. (almost 2 times more than in the first quarter of 2023). Mortgages in this segment grew faster than the market as a whole. As a result, the share of loans for individual housing construction and finished houses increased to 16% (+4 percentage points compared to the first quarter of 2023).

 

Key events in the mortgage market in the second quarter of 2023.  In the II quarter In 2023, the mortgage lending market grew at a high rate: banks provided 479 thousand loans (+38% compared to the first quarter of 2023) for 1.8 trillion rubles. (+39%). Issues increased in all product segments, with the greatest demand for mortgages on the secondary market, and the fastest growing mortgages for individual housing construction and finished houses.

Experts compared high-budget projects from different countries and identified general trends in consumer preferences. The best-selling premium projects are in Turkey, Cyprus and the UAE, as well as the most popular among buyers of expensive new buildings in Moscow.

The retail real estate market, which continues to recover from shocks, is approaching a new stage. The replacement of departed players is being replaced by the calibration of new brand concepts and testing of alternative formats by local players. Although the trend poses a risk of freeing up space, consultants are still counting on a general decrease in vacancy. But there are no prerequisites for rates to rise. A similar picture is emerging in the office real estate market, where stable demand also does not lead to higher prices.

The availability of preferential mortgages is declining and no longer seems as obvious in the future as before. Conversations between the Central Bank and the Ministry of Finance to cancel it have not yet resulted in any action for implementation. At the same time, an increase in the key rate to 13% per annum may indicate a limitation of subsidies, as preferential rates become unaffordable for the budget.