Russia's Central Bank reports a significant trend in mortgage lending, with the average loan term reaching 26 years. The mortgage duration has extended by five months in February alone, with loans for new and secondary housing averaging 309.8 months, and mortgages for housing under construction spanning nearly 27 years.
Analysts attribute the lengthening loan terms to rising housing prices. Banks are extending mortgage periods to make monthly payments more manageable for borrowers. Notably, the Central Bank predicts that most borrowers will repay their housing loans after retirement.
The extended loan terms reflect challenges in the Russian housing market. As property prices continue to climb, financial institutions are adapting their lending strategies to help consumers access housing. This trend suggests ongoing economic pressures on Russian homebuyers.
Analysts attribute the lengthening loan terms to rising housing prices. Banks are extending mortgage periods to make monthly payments more manageable for borrowers. Notably, the Central Bank predicts that most borrowers will repay their housing loans after retirement.
The extended loan terms reflect challenges in the Russian housing market. As property prices continue to climb, financial institutions are adapting their lending strategies to help consumers access housing. This trend suggests ongoing economic pressures on Russian homebuyers.
