VTB and M2: the non-mortgage market decreased by 10% according to the results of the first half of the year.

      July 21, 2026 15:21 Economy VTB and the M2 real estate ecosystem analyzed the market for mortgage and non-mortgage transactions in the first half of the year. According to the study*, since the beginning of the year, the share of mortgages in the segment of multi-apartment housing has increased by 10 percentage points compared to the first half of 2025, reaching 43%. The share of transactions using personal funds has decreased to 57%.

      In the first half of 2026, Russians concluded about 600,000 transactions for the purchase of apartments for cash, which is 10% less than in the same period last year. At the same time, in the mortgage lending market, the number of transactions increased by 60% over the same period, exceeding 478,000.

      The average cost of an apartment in non-mortgage transactions conducted on the M2 platform amounted to 6.1 million rubles (-5% compared to January-June 2025). Looking at the market segments separately, in the secondary market, the average transaction "check" slightly increased by 3% to 6.2 million rubles, while in the primary market, it decreased by 14%, from 7.1 million rubles to 6.1 million rubles.

      The average mortgage amount at the end of the half-year was 4.6 million rubles, which is 6% lower than the figure for January-June of last year. In terms of programs by "check" size, preferential programs lead at 6 million rubles, with a year-on-year increase of 3%. For market mortgages, the average loan amount was 3.2 million rubles (+10%).

      "The reduction in non-mortgage transactions is accompanied by growth in the mortgage market, which increased by 60% over the half-year. The main factor is the decrease in rates following the key rate. The structure of issuance is also changing: the share of state programs is decreasing in favor of market instruments, and their ratio is gradually leveling out. The preservation of the price gap between the primary and secondary markets redistributes demand primarily towards ready housing—this is where the main growth in issuances under market programs is recorded. Those who postponed purchases due to high rates are returning to standard products," noted Alexey Okhorzin, Senior Vice President and Head of the Retail Business Products Department at VTB.

      "After last year's record, the non-mortgage market is returning to its usual volume. Demand is actively shifting to the mortgage segment, where market rates have begun to decline. According to our forecasts, the share of transactions without borrowed funds in the multi-apartment housing segment by the end of 2026 will decrease to 50%, with the main demand expected to be in the secondary market," commented Alexey Zavgorodny, General Director of the M2 real estate ecosystem.

      The top 5 regions by demand in the non-mortgage segment include Moscow—7.6% of all non-mortgage transactions for apartment purchases in the country in the first half of 2026; Moscow Region—6.9%; St. Petersburg—5.1%; Krasnodar Krai—4%; Sverdlovsk Region—3.8%.* Based on data from Roskadastr and the M2 real estate ecosystem. The NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and operational information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+