The demand for mortgage lending in the Russian market will decrease due to the increase in rates. The managing director of Otkritie Research Bank Otkritie Konstantin Yenin said this in an interview with RIA Novosti.
The number of loans issued in the coming year may exceed the pre-pandemic level by 10-15%, but will be less than the record indicators of 2020 and 2021. This will be achieved as a result of government support.
“Given the ongoing cycle of increasing the key rate, the most likely scenario is that mortgage rates will remain in the range of 10-12% for most of 2022,” Yenin said.
According to experts, the credit burden on the population is constantly growing. The volume of monthly payments exceeded the pre-pandemic figures in the spring of last year.
The head of the Bank of Russia Elvira Nabiullina previously recommended not to rush into the mortgage registration. She urged not to succumb to the rush pressure and soberly assess financial risks.