Russia (bbabo.net) - The availability of credit housing continues to decline. This is stated in the analytical study "Mortgage in Russia" by the NKR agency.

If in the middle of last year the ratio of the average payment on a mortgage loan to the size of the median salary fell to 64 percent, then in fact, this figure began to grow since last autumn. At the beginning of 2021, it again approached 70 percent, reaching the level of the beginning of 2020, experts say.

The term for mortgage payments is growing throughout the country. If at the beginning of 2019 the weighted average issuance period was 17 years, then in October 2021 it reached 20.9 years. The longest average term of a mortgage loan was recorded in Ingushetia and the Chechen Republic - more than 22 years, and the minimum - in the Chelyabinsk region (18 years).

An increase in the average term reduces the monthly payment, however, since the beginning of 2019, the average check has jumped 41.7 percent, and the term has increased by only 20 percent. In this regard, experts expect that the average maturity of mortgage loans will continue to grow, "catching up" with the average amount. At the end of this year, it will exceed 21 years, and by the end of 2022 it will reach 23 years. This is about a third of the average life expectancy in Russia, the study notes.

The agency expects increased interest from borrowers in the secondary market. The supply on the secondary market is growing due to the gradual entry of apartments purchased for investment purposes in 2019 - early 2021. In the current and next years, the number of such apartments will noticeably increase, since quite a few projects will be put into operation. The growth rate of mortgages in the secondary market in 2022 may outstrip the primary market.

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