Mortgage Demand Shifts to Market Rates in August 2026
In August 2026, mortgage lending in Russia reached 268.9 billion rubles, with a shift toward market-rate mortgages and increased demand for new construction and ready-built housing. The share of primary market loans rose to 52.3%, while demand for subsidized programs declined.
Consensus
- Mortgage lending in Russia in August 2026 totaled 268.9 billion rubles.
- The share of new construction in mortgage lending increased to 52.3% in August 2026.
- The share of secondary market housing in mortgage lending decreased to 25.0% in August 2026.
- The share of ready-built suburban homes in mortgage lending increased to 12.6% in August 2026.
- The share of individual housing construction (Izhs) in mortgage lending remained stable at around 6.5–8%.
- The overall trend shows a diversification of mortgage demand away from subsidized programs.
Points of divergence
- Total disbursements under all subsidized programs in August 2026 reached 163.9 billion rubles, a 12.6% increase from July 2026. — riamo
- Market mortgage demand has nearly doubled from August 2025 to August 2026. — riamo
- The volume of market-rate mortgage disbursements exceeded 100 billion rubles for the second consecutive month. — riamo
- The volume of disbursements for new construction in August 2026 was 140.5 billion rubles, a 17.2% increase from July 2026. — kommersant
- The volume of disbursements for ready-built apartments in August 2026 was 67.3 billion rubles, a 3.2% decrease from July 2026. — kommersant
- The volume of disbursements for individual housing construction (Izhs) decreased by 18.5% from July 2026 to August 2026. — kommersant
- The share of new construction in mortgage disbursements decreased by 12.5 percentage points compared to August 2025. — kommersant
- The decline in subsidized mortgage demand is attributed to the adjustment of 'Family Mortgage' conditions in February 2026 and reduced 'key' rates. — kommersant
Coverage (3 sources)
- Redistribution of demand towards market mortgage continues — РИАМО
- Mortgage market in August 2026 — Коммерсантъ
- Mortgage market in August 2026: redistribution of demand towards market mortgage continues — Коммерсантъ