December Mortgage Demand Sets Five-Year Record

According to information from DomClick, the last month of 2025 saw the highest volume of mortgage loan issuances in five years, amounting to 613 billion rubles (approximately $6.8 billion at current rates).

Nearly 76% of the total amount came from the «Family Mortgage» program. Basic mortgages also showed a record result of 110 billion rubles (approximately $1.2 billion at current rates).

Confirmation of this data can be found in the statistics of St. Petersburg developers. For example, in the «Kronfort. Central» residential complex, the share of purchases using mortgages in December 2025 reached 72%, compared to 63% a year earlier.

According to Alexei Bushuev, commercial director of «GK Alkor», the key growth factor was precisely the family mortgage, as well as expectations of a soon tightening of conditions for preferential lending.

«The availability of financial instruments and the terms of preferential mortgage programs continue to significantly influence the formation of demand in the real estate market,» he notes. «Despite the current key rate, buyer activity remains high, confirming the presence of a significant volume of pent-up demand.»

The expert suggests that in the first six months of 2026, demand will remain approximately at last year«s level. »There are no significant prerequisites for a sharp increase yet. At the same time, changes in the preferential mortgage program will most likely affect primarily the mass segment,« Bushuev believes.

The further dynamics of the market will largely be determined by the key rate of the Bank of Russia. «If its reduction proceeds more actively and market mortgages in the second half of the year reach at least around 12%, this could give the market an additional impulse,» adds Alexei Bushuev. «Prices will continue to rise against the backdrop of limited supply within the city and the preservation of a sufficient volume of affordable housing in the Leningrad Region.»