Coronavirus did not prevent: in 2020, low mortgage rates stimulated Russians to buy real estate.
According to analysts of Metreum, last year, Russian banks issued 1.7 million mortgage loans in the amount of 4.3 trillion rubles. Compared to 2019, the number of loans increased by 35%, and their money volume is 51%.
In the first half of 2020, the demand for a mortgage almost did not grow, but in the second half of the year everything changed. This is due to the fact that the authorities removed most coronavirus restrictions, and many potential borrowers realized the benefits of reducing rates. The month of records became December, when the Russians received 212 thousand loans for 560 billion rubles. The loan rate for new buildings decreased over the year from 8.28% to 5.82%.
At the same time, for many people, price increases and revenue reduction made mortgage more burdensome. The average loan for new buildings increased from 2.9 million in December 2019 to 3.4 million rubles in December 2020. Since the monthly payment of borrowers did not want to increase, the average loan term increased to 19.1 years, although, for example, in May, he was 17.8 years.
According to Metryum, by the end of the year, the share of mortgage loans received to buy apartments in houses under construction has significantly decreased. Although, in general, the demand for new buildings on credit increased by the number of transactions by 44% and 64% by volume, borrowers began to acquire apartments in the "secondary" or ready accommodation.
According to Metrium Managing Partner, Maria Lithinetskaya, in 2021 it is necessary not only to continue the subsidization program, but also reduce mortgage rates. It stimulates the population to acquire housing and will help the economy of the country to recover faster.
We will remind, earlier the Central Bank made a closing of a program of preferential mortgage lending with a rate of 6.5%. According to the head of the financial stability of the regulator Elizabeth Danilova, due to the fall in income, less borrowers can pay a loan. Experts predict defaults, in 2020 the volume of overdue payments for mortgages increased by 11.3%.
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