VTB: the volume of mortgage issuance in Russia increased by 38%

      August 7, 2026 14:17 Economy According to VTB estimates, mortgage sales in Russia reached 2.6 trillion rubles in the first seven months of 2026 — 38% more than the previous year. According to VTB, in the second month of summer, the market shows steady growth despite a natural correction after the frenzied June. In July, the volume of issuances reached 355 billion rubles, which is lower than the June peak of 475 billion rubles. The change in the situation was an expected consequence of high demand in June, when borrowers actively applied for the "Family" mortgage, eager to secure favorable conditions. At the same time, the share of preferential programs in the total volume of issuances since the beginning of the year was 62%, having decreased by 2 percentage points over the month. VTB completed more than 41,000 transactions worth over 200 billion rubles in the first seven months of the year. In July, the key driver was the market mortgage, which gained 12 percentage points over the month and reached a share of 52%. "The reduction in rates and the market's adaptation to new conditions have formed a stable foundation for growth. We see how the June surge in government programs smoothly transitions into systemic interest in market instruments. This is not a situational reaction, but a change in the behavior model of borrowers, who understand that waiting for more comfortable conditions can take a long time, and refinancing always remains a working tool. Even considering possible adjustments to government programs in the second half of the year, we forecast a final market growth — for the first time in several years. The driver will be the balanced market segment," commented Alexey Okhorzin, Senior Vice President and Head of the Retail Business Products Department at VTB. According to Okhorzin, the market has now formed a unique configuration: while maintaining double-digit deposit yields, the cost of loans has moved away from its peaks, stimulating pent-up demand. Borrowers, not ready to postpone solving their housing issues, are increasingly focusing on the possibility of subsequent refinancing when the cost of loans begins to decrease more actively. *VTB forecast based on data from the Central Bank of the Russian Federation and Frank RG, excluding POS lending. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+