Sberbank sees mortgage market cooling down soon, 80% jump in 2023

MOSCOW, Nov 8 (PRIME) -- Russia’s top bank Sberbank expects a significant cooldown of the mortgage market soon, although its mortgage lending will jump by 80% to 4.6 trillion rubles in 2023, CEO German Gref told reporters on Wednesday on the sidelines of the Finopolis forum.

“We are very likely to see a serious cooldown soon, but 2023 can be still called successful for the Russian mortgage market. Sberbank data shows that mortgage lending amounted to around 3.7 trillion rubles in less than 10 months,” he said.

“Our forecasts say that the lending for the entire of 2023 will amount to about 4.6 trillion rubles. This translates into an 80% increase as compared with the previous year. The growth as compared with 2021 will also reach a significant 60%.”

The mortgage market is about to cool down to a serious degree, but the year of 2023 will remain successful for the Russian mortgage market, Gref said.

(92.4151 rubles – U.S. $1)

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