Russian Mortgage Market Adjusts as Subsidized Program Rates Rise to 9%
February 17, 2026 at 12:37 PM923 views
Housing Finance
The government has adjusted subsidized mortgage rates from 8% to 9% effective March 2026, reflecting budget constraints while maintaining support for new housing construction.
Market Impact
- Total mortgage origination in 2025: 7.8 trillion rubles
- Subsidized program share: 42% of all new mortgages
- Average mortgage size: 4.2 million rubles
- Average term: 23 years
Regional Variation
- Moscow: average property price 320,000 RUB/sqm
- St. Petersburg: 215,000 RUB/sqm
- Kazan: 145,000 RUB/sqm
- Novosibirsk: 118,000 RUB/sqm
Developers report a 12% decline in new project launches following the rate adjustment.
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