After a significant two-year growth in the Russian mortgage market, demand is expected to fall in 2022. On Tuesday, February 8, writes the newspaper “Business Petersburg”.
According to the publication, in 2021, St. Petersburg banks issued mortgage loans by 26% more than in 2020. In turn, in 2020, the total issuance was 52% more than in 2019.
Banks of the Leningrad Region in 2021 approved mortgage loans for citizens by 22% more than a year earlier. And in 2020, residents of the region received 48% more mortgage loans than in 2019.
In 2022, analysts expect an even more significant slowdown in demand. Thus, the Central Bank in its medium-term basic forecast predicted the growth of the mortgage market by only 15-19%. In another year, the growth should be 14–18%, and by 2024 it will decrease to 12–16%.
The reason for the slowdown is the increase in property prices and rising rates, which in January 2022 have already reached double digits.
Read more in Delovoy Peterburg’s exclusive article: “Credit Pause: Mortgage Market Is Coming to Stagnation.”
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
