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Mortgage lending in Russia up 1.5% in February — Central Bank

Subsidized extension of mortgage loans started recovering last month following a slowdown in January - to 209 bln rubles from 128 bln rubles

MOSCOW, March 21. /TASS/. Growth rates of mortgage lending in Russia accelerated to 1.5% in February 2023 after a slowdown traditional for the beginning of the year (+0.6% in January), the Central Bank reported on Tuesday.

"According to preliminary estimates, mortgage lending gained 1.5% in February after a slowdown traditional for the beginning of the year (+0.6% in January), though (growth) rates are still lower than the 2021 average (+2.3%)," the report said.

Moreover, subsidized extension of mortgage loans started recovering last month following a slowdown in January - to 209 bln rubles from 128 bln rubles (+64%).

Market mortgage extension also rose (in February, preliminarily, by 40% - to 210 bln rubles from 152 bln rubles in January).