Russia's mortgage lending rose 9% in August 2026
In August 2026, mortgage lending in Russia increased by 9% in volume and 4% in number compared to July, driven by rising demand for subsidized mortgages, with the share of subsidized loans exceeding half of total mortgage volume. The share of mortgages for new construction remained at a five-year low.
Consensus
- In August 2026, Russia's mortgage lending increased by 9% in volume compared to July.
- In August 2026, the number of mortgage loans issued in Russia increased by 4% compared to July.
- The volume of mortgage lending in August 2026 was 397.82 billion rubles.
- The number of mortgage loans issued in August 2026 was 94,590.
- The share of subsidized mortgages in total mortgage volume exceeded 50% in August 2026.
- The share of mortgages for new construction remained at a fiveyear low in August 2026.
- The growth in mortgage lending was primarily driven by subsidized mortgage programs.
- In August 2026, there was a 22% increase in the volume of subsidized mortgage lending compared to July.
- The share of subsidized mortgages increased by 5 percentage points in August 2026 compared to July.
- The volume of subsidized mortgage lending in August 2026 reached 210.88 billion rubles.
- The number of subsidized mortgage loans issued in August 2026 totaled 35,190.
- The government announced an additional 157 billion rubles in funding for subsidized mortgage programs.
Points of divergence
- The number of subsidized mortgage loans issued was 35,190, and the volume was 210.88 billion rubles, representing 37% of the total number and 53% of the total volume of all mortgages issued in August 2026. — kommersant
- The share of subsidized mortgages was 58% by number and 76% by volume in August 2025, compared to 37% and 53% in August 2026. — kommersant
- The government allocated 157 billion rubles for subsidized mortgage programs, including 66 billion for family mortgages, 6 billion for the Far East and Arctic zones, and 85 billion for interest rate subsidies. — kommersant
- The share of mortgages for new construction increased slightly by 1 percentage point in quantity (to 17%) and by 1 percentage point in volume (to 26%) compared to the previous month, but remained at a five-year low. — visti
- In August 2025, the share of mortgages for new construction was 43% by number and 56% by volume. — visti
- The share of subsidized mortgages exceeded half of the total volume of mortgage issuance. — riamo
- In the top 20 regions, Sverdlovsk and Leningrad regions showed a 20% increase in mortgage volume, Moscow region 16%, Moscow city 7%, and St. Petersburg 11%. — riamo
- In the top 20 regions by mortgage volume, Sverdlovsk and Leningrad showed a 20% increase, Moscow region 16%, Moscow 7%, and St. Petersburg 11%. In three regions—Rostov, Primorsky Krai, and Yakutia—there was a decline of no more than 2–3%. — visti
Coverage (3 sources)
- Mortgage issuance in Russia grew by 9% in August by volume — РИАМО
- At the end of summer, demand for mortgages in Russia grew again — Вести
- Banks issued 35,190 preferential mortgage loans to Russians in August — Коммерсантъ