Decrease in mortgage approvals in the Tomsk region reaches 67% during June
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In a notable shift, the mortgage market in Tomsk Oblast experienced a significant decline in June 2025. According to the Tomsk Oblast Builders' Union, the number of mortgage credits issued decreased by 67% for both new construction and secondary housing compared to the same month last year.
Specifically, the new construction market saw a 73% decrease in the number of mortgage credits issued in June 2025. The total value of mortgages issued for new construction was 717 million rubles, a substantial drop from the previous year. Similarly, the secondary housing segment experienced a 57% decrease, with a total value of 1.125 billion rubles.
Despite a slight increase in the number of issued credits in June 2025 compared to May, the overall mortgage demand in Tomsk Oblast has significantly cooled. The average loan term for mortgages increased by 1% to 26.2 years, and the average mortgage amount increased by 4% to 4.1 million rubles.
The decline in mortgage lending is primarily attributed to several economic factors, including high interest rates, the termination of preferential mortgage programs, and a slowdown in construction projects in the region. These financial conditions have made borrowing more expensive and reduced demand for mortgages.
The reduced mortgage lending suggests a contraction in buyer activity in the housing market, which commonly results in lowered transaction volumes and potentially softening prices in the secondary market. For new construction, there is a clear slowdown, as ongoing projects are being delayed or scaled back, likely impacted by the reduced availability of mortgage financing and higher costs.
Broader regional economic stresses, such as budgetary challenges and past issues with investment focus, may also indirectly affect housing finance dynamics in Tomsk. However, the direct link to mortgage trends is not detailed in the available data.
It's important to note that corruption investigations and administrative instability reported in some Russian regions in 2025 might affect local economic confidence and investment environments, but there is no explicit mention of Tomsk Oblast in these reports.
In June 2025, the total mortgage debt in Tomsk Oblast decreased by 1% to 122 billion rubles. The total volume of funds issued for mortgages also dropped by 65% compared to June 2024, reaching 1.84 billion rubles.
Despite the challenges, the share of overdue payments in Tomsk Oblast remained at a consistently low level of 0.5% in June 2025. This indicates that despite the decline in mortgage lending, borrowers are generally managing to meet their repayment obligations.
In summary, the decline in mortgage lending in Tomsk Oblast in June 2025 is due to high interest rates, ended mortgage subsidies, and slower construction activity, causing downturns especially in new housing development and likely weakening the secondary market demand.
The decline in mortgage lending in Tomsk Oblast might have a impact on the real-estate market, potentially reducing investment opportunities in new construction businesses. Consequently, individuals may seek alternative channels for their investing capital, such as other sectors of the finance industry.
The ongoing contraction in the mortgage market of Tomsk Oblast could also lead to a shift in investment focus towards other real-estate segments, such as commercial properties or rental income-generating ventures, to mitigate potential losses in the housing sector.
