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Russians taking out fewer mortgages compared with last year — Central Bank

The average value of a mortgage in Russia is $48,000

MOSCOW, March 30. /TASS/. The volume of mortgage loans in Russia as of the end of February 2023 totaled 422.4 bln rubles ($5.5 bln), up 50% against January 2023 and down 11% year on year, the Bank of Russia said on Thursday.

"The amount of mortgage loans for houses given out rose by 50%, having returned to October 2022 levels: credit institutions provided 114,600 ruble-denominated mortgage housing loans totaling 422.4 bln rubles. In annual terms, the number and value of disbursed mortgage loans contracted by 15.5% and 11.4% respectively," the Central Bank said.

The average value of a mortgage in Russia is 3.7 mln rubles ($48,000). The overall portfolio saw an upsurge of 1.6% against January and reached 14.1 trillion rubles ($182.7 bln). The share of mortgage loans as part of all retail loans in February 2023 reached 26.3% versus. 20.1% in January 2023.