АФК – Обзор ипотечного рынка

After overheating and reduction of preferential programmes, the mortgage market is returning to stable growth. The decline in issuance of new loans this year is a natural phenomenon, especially in view of rising rates and restrictions imposed by the largest player, Otbasy Bank. Limited concessional resources with high demand require more efficient utilisation, possibly by channelling funding towards improving social infrastructure. As a result, the role of commercial mortgages is being revitalised, and their share has increased in new loan originations. In Otbasa Bank's mortgage portfolio, share growth has stagnated. Changes in house prices are approaching the factor of growth in real incomes of citizens, which reduces the accumulation of imbalances in the housing market. However, the rental market continues to grow and requires moving out of the grey area, particularly as the tax base expands. Nevertheless, in July-August, there is some revival of housing purchase and sale transactions, which is associated with the provision of pensioners with the right to use their pension savings to improve housing conditions.