Mortgage crisis in Russia: the amount of overdue payments has reached a historical maximum

According to the Ukrainian Foreign Intelligence Service, the volume of problematic mortgages in Russia is rapidly increasing, and the share of housing loans with overdue payments has reached its highest level in recent years.

'The reason is the mass issuance of preferential mortgages in 2023-2024 to borrowers with high debt burden and a sharp rise in the key interest rate. The amount of overdue debt has already exceeded 170 billion rubles, which is a historical maximum,' the intelligence reported.

The highest levels of overdue payments are recorded in the North Caucasus, particularly in Ingushetia, where it reaches 11%. According to experts, since spring 2024 there has been a threefold increase in problematic debt.

'Russians are increasingly struggling to make payments due to inflation and falling incomes, while banks and developers have artificially supported the market by selling housing to people without real financial capabilities. The mortgage market in Russia is rapidly deteriorating – and this is just the beginning of the crisis'

- emphasized the SBU.

According to the intelligence, problematic mortgages have sharply increased in Russia as residents increasingly struggle with payments due to inflation and declining incomes. The mass issuance of preferential mortgages in 2023-2024 has led to historically high overdue debt, signaling the start of a crisis in the country's housing loan market.