Particle.news
Download on the App Store

Russia’s Mortgage Squeeze Intensifies as Affordability Splits by Region and Lending Tightens

Tougher bank screening plus upcoming capital surcharges is curbing new loans and pressuring highly leveraged developers.

Overview

  • RIA Novosti’s ranking shows the average monthly mortgage payment equals 48.8% of two workers’ net wages nationwide, with Chukotka and Yamal-Nenets most affordable and Kalmykia and North Ossetia least affordable.
  • In Tatarstan, past-due mortgage debt nearly tripled over the year to 5.7 billion rubles, the highest arrears total in the Volga Federal District, according to Bank of Russia data cited by RBCTatarstan.
  • The National Bureau of Credit Histories reports banks rejected over 60% of mortgage applications in September, marking a sharp tightening in approvals.
  • National Credit Ratings says large developers’ median leverage rose from about 3.0 to 4.2 (Total Debt/OIBDA) between July 2024 and July 2025, as the Bank of Russia’s 40% risk-surcharge for highly leveraged corporates takes effect on December 1.
  • Sberbank’s Domklik service reports a fourfold increase in individual housing construction mortgages in Q3 versus Q1, with family mortgage programs accounting for roughly 80% of issuance.