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VTB registers 20% growth in mortgage demand in February

Earlier, Chief Executive Officer of VTB Anatoly Pechatnikov said mortgage loans in Russia might exceed 5 trillion rubles ($67 bln) by the end of 2023, adding that borrowers would mainly focus on the segment of secondary real estate

MOSCOW, February 21. /TASS/. The demand for mortgage loans extended by VTB grew by 20% in February compared with January, Vice President, Deputy Head of Retail Business Department at VTB Evgeny Dyachkin said.

Russia’s second-biggest lender is seeing a similar trend on the country’s whole mortgage market, he added.

"In February mortgage borrowers’ demand for loans increased: current sales are already 20% higher than January’s final figures, whereas for the whole month we expect at minimum a 1.5-fold increase. We register a similar trend on the whole market, with a wide choice of property units, a slight decrease in prices on the market at the beginning of the year, as well as proposals under developers’ subsidized programs among the main factors," he was quoted as saying by the bank’s press service.

Earlier, Chief Executive Officer of VTB Anatoly Pechatnikov said mortgage loans in Russia might exceed 5 trillion rubles ($67 bln) by the end of 2023, adding that borrowers would mainly focus on the segment of secondary real estate.

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