Photo: Konstantin Kokoshkin / “Kommersant”
Russian mortgage market continues to shrink, due to rising mortgage rates as a result of the increase in the key rate of the Central Bank at the end of 2018. This is stated in the article “United credit Bureau” (OKB), arrived in edition “Tapes.ru”.
In April 2019, the banks issued to citizens of 90 thousand housing loans — 21 per cent less than in the same month last year. The volume of issuance in annual terms decreased by 12 percent, from 227 billion to 201 billion rubles. Average mortgage for the year increased by 12 percent, from 1.99 million to 2.23 million rubles.
EDB analysts point out that in the foreseeable future vector of development of the mortgage market can change. “At the end of March the growth rates has stopped, and perhaps in the second half, after the transition to the escrow account and in the absence of stress in the economy, they will again begin to decline, and the mortgage segment, will show positive dynamics”, — explained in the provided materials.
Earlier in may, the head of Sberbank German Gref declared that rates on mortgages in Russia may be reduced to 8 percent per annum in late 2019 — early 2020. A few days before this emergency rate cuts predicted Deputy Prime Minister, Vitaly Mutko.
Video, photo All from Russia.