In April, 48.5 billion rubles in mortgage loans ($681 million) were issued for individual housing construction (IHC), according to data from DOM.RF; this figure encompasses loans for both the construction of new homes and the purchase of existing private residences. This represents a 13% increase over March and a 32% increase compared to April of last year. In total, for the January–April period, the volume of mortgages issued for IHC amounted to 173.5 billion rubles (an 80% year-on-year increase).

As noted by DOM.RF, demand for private housing has picked up with the start of the season. This dynamic is also partly attributable to a low base effect from last year, as mortgage issuance for IHC contracted sharply year-on-year during the first half of 2025. This decline was linked to high market interest rates and a surge in lending volumes the previous year—driven by a rush of demand ahead of the July 1, 2024, expiration of the mass subsidized mortgage program (which also applied to IHC).

At the same time, analysts observe a growing divergence in the market regarding funding sources. In the segment of existing private homes—which accounts for more than half of all issued mortgages—market-rate loans predominate, making up 59% of new loans issued in April. Conversely, at the individual home construction stage, 80% of loans are issued under the subsidized “Family Mortgage” program.

The share of loans for IHC remains relatively low within the total volume of mortgage issuance. For the January–April period, this figure is estimated at 12.3%, falling slightly short of the 2025 annual average of 12.7%. In 2024, the share of mortgages for individual housing construction (IHC) within the total volume of housing loans was significantly higher—20.8%. According to DOM.RF data, a total of 1.4 trillion rubles in mortgage loans ($2 billion) were issued during the first four months of this year—a figure one and a half times greater than that recorded during the same period last year. In April alone, the volume of mortgage lending is estimated at 359 billion rubles (up 24% year-on-year).

It is worth noting that the low level of lending for IHC projects, coupled with high interest rates, is viewed by authorities as a factor hindering the development of the individual housing market. As Deputy Prime Minister Marat Khusnullin previously explained, the decline in loan issuance volumes—combined with weather-related factors (specifically, a cold and snowy winter)—has had a negative impact on the commissioning of individual housing units. According to Rosstat data, 18.9 million square meters of individual housing were commissioned between January and April, representing a 35% decrease compared to the previous year. Looking specifically at April, 3.6 million square meters of private homes were commissioned (down 18.5% year-on-year).