The mortgage lending market is on its recovery track. The latest data from DOM.RF for the first half of 2026 show the following trends:
- mortgage loan issuance increased by 46% (to 497,000) compared to the same period last year;
- growth was recorded in mortgage loans for the purchase of primary-market housing – up 10% (to 180,000 approvals).
The total value of mortgage loans disbursed reached RUB 2,221 billion (+48% year‑on‑year), broken down as follows:
- primary market – up 13% year‑on‑year;
- secondary market – up 104% year‑on‑year.
Commentary from Valery Tyurin, Head of Investments and Financial Markets at Audit and Advisory for Financial Institutions, FBK:
‘When comparing the current statistics with the same period last year, it is crucial to bear in mind that the first half of 2025 saw a significant drop in mortgage issuance – down 55% in terms of volume and 47% in terms of value.
In the first half of this year, the main growth driver was market-rate mortgages on the secondary market. The positive dynamics in loans for secondary housing are being supported by declining interest rates.
The primary housing market is also expanding, stimulated by government support incentives, including the ‘’Family Mortgage’’ initiative. The most notable momentum was observed in the family mortgage segment at the end of the quarter, largely in response to news about possible changes to the programme's terms.
Given the low-base effect and the influence of consumer expectations, it is still premature to forecast a sustainable recovery trend based solely on data from the first half of 2026. At the same time, there are reasons to expect continued growth in the second half of the year, though at a more moderate pace. The figures for the second half of 2025 may be exceeded only marginally – by about 5–10% relative to the same period last year’.
