Page 99 - RusRPTOct22

the sixth month in a row (in August: -8.4bn US dollars, or -515bn rubles in ruble left equivalent, -5.5%).
Mortgages continued to accelerate rapidly - according to preliminary data, adjusted for a large securitization transaction of 155bn rubles, the increase in August was +2.0% (in July: +1.3%), which is in line with the average monthly increase for 2021. Issues increased by more than a third, to 459bn rubles. from 342bn rubles in July.
They grew stronger in the secondary housing sector (+54% compared to July), while growth was lower in the primary market (+14%3), which may be due to an increase in prices for new buildings. As a result, in terms of the volume of loans, the "secondary" overtook the "primary" (about 240bn rubles against 220bn rubles). Mortgages for new housing are still almost completely issued under preferential programs - 219bn rubles in August (175bn rubles in July).
The largest volume falls on the "Preferential Mortgage" (137bn rubles were issued in August against 107bn rubles in July), which is increasingly being issued allegedly with an additional discount from the developer. This allows you to reduce the rate in some cases to 0.01%, but in reality the borrower buys an apartment with an overpayment of up to 30%, which is included in the body of the loan.
Unsecured consumer lending also accelerated. The increase in August was, according to preliminary data, +1.8% (in July: +0.7%). The revival of consumer lending is facilitated by lower rates, as well as seasonal factors - expenses traditionally increase in August due to spending on vacations and preparation for the new school year.
99 RUSSIA Country Report October 2022 www.intellinews.com