the Volume of issued mortgage in the past month fell by nearly 40 percent. About it write “news” with reference to the joint credit Bureau (OKB).
So, in April of this year the volume of mortgage loans in Russia decreased by 39 percent, to 184 billion rubles. Their number fell by 33 per cent to 81.5 thousand compared to March 2020. Most of the issuance has fallen in Moscow, Moscow suburbs, St.-Petersburg, Tyumen region and Krasnodar region.
Major Russian banks have also confirmed the sharp decline of mortgage lending. The difference between the regions associated with the severity of the limitations. So, in the regions of Siberia and the Far East part of the organizations just switched to a different schedule, therefore, the volume of mortgages fell less.
While the figures in March 2020 was a record. Borrowers expected growth rates amid falling oil prices and pandemics coronavirus. However, in April of this year, lending volumes in Moscow, St. Petersburg and Krasnodar have dropped by 30 percent in comparison with March and by 13-15 percent compared to the average of the first quarter of 2020.
Earlier, prices for residential property in Russia, predicted the inevitable fall. The fall in the value of apartments will occur on both the primary and secondary markets, experts say. According to experts, accommodation can be cheaper by 30 percent. In this case the developers are already offering buyers discounts and gifts.