VTB: mortgage lending in Russia rose by 11% in September.

      02 October 2025 10:52 Economy. According to preliminary estimates by VTB, in September Russian banks issued about 405 billion rubles in mortgage loans for the purchase of new and resale housing. This is 11% more than in September last year and 3% more than in August this year.

      Against the backdrop of a falling key rate and improving market mortgage conditions at the largest banks, the share of state support continues to gradually decline. In September, according to VTB’s calculations, preferential programs accounted for 76% of total lending, compared with 78% in August and a peak of 82% in July. The market’s locomotive remains the “family” mortgage. VTB experts expect the share of state programs in the market to gradually fall to 70% by the end of the year.

      In total, for the nine months of the year, mortgage lending in Russia, according to VTB estimates, amounted to more than 2.6 trillion rubles. That is roughly one-third lower than the result for January–September last year.

      “The mortgage market is showing a slow but steady recovery. As the key rate falls, demand for secondary housing is reviving, and the segment is beginning to rebalance: the reduction in the share of state programs is being offset by a growing variety of market offerings,” commented Alexey Okhorzin, Senior Vice President, Head of the Retail Business Products Department at VTB.

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