The volume of overdue debt of Russians on mortgages by August 1 of this year decreased by more than 10%, or by 8 billion rubles, compared to December 1, 2020, the press service of VTB reports, citing data from analysts of the real estate ecosystem “Square Meter”.
The total volume of the mortgage portfolio of Russian banks reached almost 11 trillion rubles. Over the year, it has grown by 29%, and since the beginning of 2021 – by 16%. According to the Bank of Russia, the volume of overdue mortgage debt as of August 1 amounted to 66.4 billion rubles, or 0.6%. By December 1, 2020, it was at the level of 0.8%, or 72.8 billion rubles.
“Statistics of the last two years show that Russian banks maintain an acceptable level of delinquency on mortgages even in conditions of high demand in the market,” said Vyacheslav Dusaleev, General Director of Meter Kvadratnogo. He noted that now analysts do not see the factors that can lead to the formation of a mortgage “bubble” in the market in the near future.
On September 22, the chairman of the Central Bank Elvira Nabiullina said that since the beginning of the coronavirus pandemic amid the rush demand for real estate due to low rates on mortgage programs, a square meter of housing in Russia has risen on average by 39%, while in the previous seven years – from 2013 to 2020 year – by 33%. This leads to the fact that people have to take out loans for a large amount, so that housing becomes less affordable for them, she explained.
On September 16, the head of the regulator announced that the phase of active growth in the volume of mortgage lending in Russia is nearing completion. She stressed the need to ensure that the rate of mortgage issuance grows in line with the increase in real incomes of the population. Nabiullina has repeatedly warned that it is necessary to prevent an increase in the debt burden of citizens and a situation where they are unable to service their debts.
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