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Mortgage Picture Diverges in Russia as Tatarstan Slumps and Moscow Dips Slightly in 2025

Officials cite tighter lending alongside borrowers waiting for lower key rates.

Overview

  • Tatarstan reported a 39% year-over-year drop in issued mortgages for 2025, with JanuaryNovember loans falling from about 45,000 in 2024 to roughly 27,500.
  • The republic simultaneously set a record for housing completions at 3.515 million square meters in 2025 and projects an 11% supply decline this year to 3.175 million.
  • NBKI data show banks rejected 81.1% of retail credit applications in Tatarstan in December 2025, up from 75.8% at the end of 2024.
  • Moscow registered 118,171 mortgage contracts in 2025, down 2.2% from 2024, with December deals rising 32.4% from November to 10,822 but trailing December 2024 by 3.7%.
  • City officials highlighted sustained use of state-backed loans, noting RUB 586 billion issued under the Family Mortgage program in 2025, equal to 18.6% of the national total.