Mortgage lending in January-September 2023

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the first three quarters of 2023, the volume of mortgage loans issued significantly exceeded (by 71.8%) the same indicator of the corresponding period of 2022. The growth of household incomes, preferential mortgage lending programs, expectations related to its tightening, as well as joint programs of banks and developers are drivers of demand growth. Recently, there has been a deterioration in lending standards: the share of mortgage loans to borrowers with high debt burden ratio (DLR) has been increasing.

Key words: mortgage lending, subsidized mortgage programs, mortgage lending market overheating.

JEL-codes: E58, G21, G28.