Overview
- Russian banks expect about 735 billion rubles in mortgages issued in December, up 48% from November and roughly 2.6 times last year’s level, according to VTB.
- The share of state-supported deals in December may reach a record 88%, driven by borrowers securing “family” mortgages before 2026 adjustments.
- The Bank of Russia tightened first‑quarter 2026 macroprudential limits for individual housing construction loans, while rules for apartment purchases remain unchanged.
- DOM.RF reports “family” mortgage issuance will rise about 200% in 2025 to roughly 100,000 loans totaling 565 billion rubles, with volumes likely to ease early next year as bank compensation reverts to base levels and differentiated rates are introduced.
- Sberbank’s Domklik says market (non‑subsidized) mortgage issuance surpassed 500 billion rubles in 2025 as lower key rates lifted demand, while total outstanding mortgage debt reached about 23.2 trillion rubles by November.