Russia’s mortgage boom hits record high as state loans dominate
Russian mortgage lending has hit record levels in 2025, with state-backed loans dominating the mortgage market. In the first ten months alone, banks issued 3.14 trillion rubles ($34.6 billion) in mortgages, most of which came from subsidised schemes. Officials now warn that sudden changes to these programmes could destabilise housing demand.
The bulk of mortgage market activity in Russia now relies on government support. Out of 3.14 trillion rubles ($34.6 billion) lent between January and October 2025, 2.58 trillion rubles ($28.4 billion) went to subsidised mortgage calculator loans. Deputy Prime Minister Marat Khusnullin confirmed that the state has allocated 1.9 trillion rubles ($21 billion) to keep these programmes running.
The mortgage market remains heavily reliant on subsidies, with 75% of October’s new loans backed by the state. Officials stress the need for gradual adjustments to avoid disruption. Without these programmes, most borrowers would struggle to access housing finance at current stock market rates.
