Mortgage for secondary housing has become more popular than new buildings
The share of secondary housing in the total number of mortgages in April 2025 showed a sharp increase, for the first time in six months exceeding 50%. The revival of this lending segment is associated with a decrease in bets, the beginning of the family mortgage program in the secondary market in a number of regions, as well as the introduction of a mortgage standard, which limited subsidizing a mortgage on new buildings. Experts expect further growth in the share of secondary housing in a mortgage.
In April, the share of issued mortgage loans for the purchase of housing in the secondary market amounted to almost 56%, for the first time in six months exceeding the indicator of the primary market. During the month, growth amounted to 8.5 percentage points (p.). This follows from the data of the United Credit Bureau (OKB, “Kommersant” got acquainted with them). According to the Institute of Development « Dom.rf », in April 73 thousand mortgage loans were issued, of which 38 thousand – for secondary housing and 35 thousand – for primary. In monetary terms, according to the OKB, the share of loans for secondary housing is still lower than for new buildings – 43% (an increase of 8.5 p.), Although this is a maximum since October 2024.
A change in the structure of the issuance of mortgage loans occurred against the backdrop of market restoration. According to Frank RG, the volume of mortgage loans issued in April reached 285 billion rubles, a maximum since October 2024. In a month, growth amounted to almost 15%, since the beginning of the year – more than 2.3 times.
Bankers also note the growth of customer interest in secondary housing. A small increase in the share of a mortgage for secondary real estate was noted in Sberbank. In VTB, growth was 8 p. “In both quantities and in the amount of loans for secondary housing” compared to March. In the Absolute Bank, the share of applications for a mortgage for the purchase of secondary real estate in April increased relative to March from 10.4% to 14.5%. The Bank « St. Petersburg » is noted « the growth of the share of the secondary in mortgages in monetary terms » by 6 points, up to 37%. “This is due to a decrease in the rate on the basic mortgage program. In April, the bank reduced the basic mortgage rate to 22.5% per annum, which led to an increase in transactions by secondary program according to the basic program, ”they indicate there. According to Dom.rf, in April, in addition to the Bank of St. Petersburg, 1–3.5 p. Reduced the rates of Sberbank, VTB, Soskombank, Absolut-Bank, ATB, Kuban-Credit. At the beginning of May, the average rates on loans in the secondary market for the twenty largest were 26.74%, decreasing by 2.4 p. P. VTB associate growth and « with the beginning of the » Family Mortgage « in the secondary market in a number of cities. »
Real estate market statistics confirm the trend. According to the Office of the Russian Rosreestr (aggregated data on the country, the country is not yet available) in four months of 2025, the number of transactions with apartments in the secondary market of the capital has shown an increase of almost 5% to the same period last year. Moreover, the third month in a row, the number of ownership transfer of rights does not fall below 10 thousand transactions.
Experts also associate the revitalization of the secondary market with the introduction of a mortgage standard from January 1, within the framework of which the subsidies of bets by developers were canceled. As the director of the Department of Retail products of Absolut-Bank Vitaly Kostyukevich indicates, « this reduced the availability of mortgage loans for new housing for customers who do not correspond to the conditions of state programs. »
According to the senior director of the group of ratings of financial institutions of Akra Irina Nosova, the demand for secondary housing will gradually increase against the background of a more attractive cost of a square meter compared to primary real estate.
The gap between the prices for the secondary and the primary is too large – 50-60%. Accordingly, the size of the loan for the purchase of housing in new buildings is much higher than in the secondary market. According to the OKB, the average loan amount for the purchase of an apartment in a new building in April amounted to 5.61 million rubles, while in the secondary market – 3.38 million rubles.
Experts associate the further dynamics of the shares of the primary and secondary market in the mortgage market with the availability of preferential programs, as well as the dynamics of loans. According to Yegor Lopatin, director of the Ritting Group of Financial Institutes of the NKR agency, « in the case of the formation of a stable reduction in interest rates among the participants in the market, it is likely to strengthen the positions of the secondary, given the difference in prices with the primary real estate market. »
As the independent mortgage expert Sergei Gordeeko notes, « historically, when the market is more or less calm and there is no pressure of preferential programs, the share of new buildings is 30–33% in quantitative terms. » However, at the end of 2024 – early 2025, against the background of actually prohibiting mortgage rates, this share approached 70% in terms of issuing. Now the share of new buildings is gradually returning to normal distribution. However, as Mr. Gordeeko evaluates, « at a key rate of 21%, this process will be very slow and the normal share of new buildings (a third of the market) will return only in 2026. »
