Mortgage and auto loan sales in Russia experienced a significant surge in April, exceeding a 10% increase.
Vibe Check: Let's dive into the financial happenings in Siberia, shall we? We'll explore the mortgage and automobile loan markets, some trendy topics these days. Buckle up!
Buying a Home: The Mortgage Market💰Siberians went spirited in April, with mortgage loans reaching a whopping 3.2 billion rubles! That's a 1.5x increase in quantity and a 37% surge in volume, compared to the previous month. But don't get too excited—overall, the market is still seeing a 40% decrease compared to April 2024.
😆 Here's a fun fact: the Gov'ment's support is the main engine powering the mortgage market, making up a whopping 83% of all issued loans! The "Family Mortgage" program is the most popular, accounting for an impressive 75% of sales!
🤔 But bankin' ain't a walk in the park. In April, VTB conducted over 5,000 mortgage deals totaling 26 billion rubles, which is a 25% increase from March in terms of quantity and volume. Guess the average loan size? It's almost 5.3 million rubles, a 7% bump from April 2024! For the first four months, nearly 21,000 mortgage loans totaling over 106 billion rubles have been handed out to Russians across the land. Yep, that's you and me!
Drivin' It Home: The Car Loan Market🚗The experts predict a sales volume of around 385 billion rubles for the January-April period, which is nearly 1.5 times lower than the same period in 2024. Ouch! With state support and subsidized programs, new cars are the current demand—60% of VTB's April deals were for the primary market, and a whopping 98% of those loans were for cars from Chinese and Russian brands! Of course, Siberian residents also got in on the action, with a grand total of 3.4 billion rubles spent on 3,400 cars!
👨🦻 With the market seein' a decrease in issuance compared to January-April 2024, let's hear it for the pros in this game!
Expert Opinion:💰 Pay attention, folks! April's spike in mortgage sales may not be as rosy as it seems. The retail credit market is still under intense pressure from macroeconomic factors. 'Til the interest rates drop significantly and the regulator changes its risk policy, it's premature to speak of an upturn, said Roman Shaikhov, head of the retail credit business department.
)"These trends extend to Siberia's economy, which, like the rest of the nation, is grappling with high inflation, tight credit conditions, and cautious investment," cautions Melissa Govalyova, senior analyst at Bank of Russia. "These economic headwinds, coupled with rising loan defaults and the slowing auto market, are likely to impact Siberia's mortgage and auto loan markets."
Whew! We're all caught up—for now, at least! Catch ya next time for more Siberian financial spills. Stay super frugal! 🚫💰🚫
The average size of mortgage loans issued by VTB in April was approximately 5.3 million rubles, showing an increase of 7% compared to April 2024.
Despite the surge in mortgage loan sales in April, reaching a total of 3.2 billion rubles, the mortgage market in Siberia still experienced a 40% decrease compared to April 2024.
Rubles spent on car purchases in Siberia reached 3.4 billion in April, accounting for 3,400 vehicles, but the car loan market saw a decrease in issuance compared to the same period in 2024.
