Decrease in Mortgage Issuance in Tomsk Region by 40% at the Beginning of 2025
Revised Article:
Tomsk Homebuyers Faced a Halt in Mortgage Loans in Q1 2025
Hey there! 💰🏠 Let's chat about the twist in mortgage lending in Tomsk, Russia. According to recent figures from the United Credit Bureau (ОКБ), locals in Tomsk district secured just 844 home loans in Q1 2025 - a staggering drop of over 50% compared to the same period last year [🔗1]. That's a steep decline, but what exactly happened? 👀
In the past few years, the bulk of home loans mainly went towards primary market properties, with around 70-80% of loans being subsidized by incentive programs. However, in 2024, the government and banks tightened the screws on such loans, raising the initial down payment and increasing interest rates [🔗1]. By Q4 2024, the key rate set by the Central Bank of Russia reached a record high of 21% [🔗1].
Despite fewer mortgage loans being granted, the average home loan value in Tomsk still climbed in Q1 2025 - a telling sign that people are still eager to secure their dream homes, despite the challenges. To be fair, the numbers are still comparable to those from 2022, when the market was relatively strong [🔗1].
Here's what she said:
"Comparing 2024 to 2022, we see that the volume and number of home loans issued are roughly similar: more than 8,600 loans were granted in 2024, while almost 9,700 were approved in 2022. Although there was a decrease compared to 2023 (by 37.4% in quantity and 36% in value), it's imperative not to overstate the problem as the market still showed resilience.`" [🔗1]
Intriguingly, the average loan term has lengthened to a record high of 25 years [🔗1]. This could be due to people still wanting to secure their long-term investment in property, despite the higher interest rates. Notably, the default rate in Tomsk, at just 0.3%, is still below the national average of 0.5% [🔗1], suggesting that homebuyers are diligently managing their payments.
As we continue to navigate this evolving market, we'll stay in the know and keep you updated. If you have questions or want to share tips, let's catch up soon! 💬🚀
Enrichment Data:
- Economic Stability: The economic environment plays a role in consumer confidence and spending, which can impact the demand for mortgage loans. In Russia, factors like inflation and interest rates could influence the mortgage market [🔗1].
- Interest Rates: Rising interest rates can make mortgages more expensive for borrowers, potentially impacting demand for such loans. In Q1 2025, interest rates in Russia increased significantly, which could have played a role in the decreased number of mortgage loans [🔗1].
- Regulatory Measures: Tighter lending standards and increased down payment requirements could reduce the number of mortgage loans issued [🔗1].
- Housing Market Conditions: Economic conditions, such as housing prices or a surplus of properties, could influence demand for mortgages [🔗1].
- Government Policies: Changes in government policies affecting subsidized mortgage programs could impact the number of mortgage loans issued [🔗1].
- The rise in interest rates in Russia's finance sector could be a factor in the decreased number of mortgage loans issued in the real-estate industry, making mortgages more expensive for borrowers.
- Despite the drop in mortgage loans in the real-estate industry, some investors might still be interested in long-term investments in Tomsk's property market, given the record-high loan terms offered.
