Long and expensive: Russians on average will be able to close a mortgage only after 27 years

According to the results of last year, the average term of payments increased from 21.4 to 24.1 years (+12.6%), the review notes.

The agency's experts expect that this year the Russians will try to reduce the size of the monthly mortgage payment by increasing the loan repayment period. At the same time, the monthly payment will still not be below 30 thousand rubles, analysts say.

The average mortgage rate in 2023 will reach 9%. Compared to last year, it will increase by two percentage points at once. This is due to the tightening of mortgage regulation for the primary housing market and the increase in rates as a preferential program
(from 7% to 8%), and according to banks' own programs (already more than 11%), the review says.

The volume of mortgage lending, according to NKR experts, will remain at the level of last year — in the region of 4.6-5.0 trillion rubles. The average loan amount is stabilized at the level of four million rubles.

"Maintaining the preferential program, increasing maternity capital and stabilizing prices for new housing will support the demand for mortgage lending," analysts say.