IT mortgages triple in Tatarstan

707 mortgages for 6.7 billion rubles were granted to IT specialists from January to April 2024. This is three times higher than during the same period last year, said Minister of Digital Development of the Republic of Tatarstan Ayrat Khayrullin.

A total of 2,759 loans for 24.5 billion rubles were issued in the republic while the IT mortgage was in force. In 2022, 242 loans for 2.11 billion rubles were issued, 1,812 loans were granted for 15.7 billion rubles in 2023.

The average mortgage in Tatarstan in 2023 was 8.68 million rubles, in 2024, the figure is 9.49 million. The average loan term is 27 years, while the area of a house is 66 square metres.

The market of new houses in the first quarter of 2024 started to stall following the almost paralysed market of existing housing. By realtors’ estimates, a record amount of unsold flats has accumulated in Tatarstan today. A high interest rate is the main reason. At the same time, stricter preferential programmes are pressing the market too. Realnoe Vremya’s analytic review explains if a fall that has been predicted since early 2022 is awaiting developers or constructors will be able to escape the abrupt drop.