Growth of Subsidized Mortgages in August
In August 2026, Russian banks issued 35,190 mortgage loans under subsidized programs totaling 210.88 billion rubles. This is 21% higher in volume and 22% higher in amount compared to July 2026, indicating a significant rise in demand for housing with state support.
The share of subsidized mortgages accounted for 37% of the total number of housing loans issued and 53% of their monetary volume, which is 5 percentage points higher than the previous month. Thus, subsidized loans continue to hold a substantial portion of the mortgage market in Russia.
Comparison with Market Mortgages and Annual Figures
Amid the growth of subsidized mortgages, market loans accounted for 63% by number and 47% by amount of mortgages issued in August. Compared to August 2025, the share of government programs has decreased: back then, they accounted for 58% by number and 76% by volume.
Over the first eight months of 2026, the total number of subsidized mortgages issued reached 299,040 for a sum of 1.78 trillion rubles, underscoring the steady importance of state support in housing finance this year.
Additional Funding for State Support
At the end of August 2026, the government announced an allocation of an additional 157 billion rubles for mortgage programs with state support. About 66 billion rubles of this will be directed toward family mortgages, and approximately 6 billion rubles toward programs for residents of the Far East and Arctic zones.
The remaining roughly 85 billion rubles will be used to subsidize interest rates on loans issued under subsidized programs, which is expected to help maintain housing affordability for various population groups.
The Role of Family Mortgages After 2024
Following the end of the mass subsidized mortgage program with an 8% rate in July 2024, the family mortgage has become the key state support program. It accounts for 55% of all loans issued with government backing, reflecting its significance in the Russian housing market.
Given the high market interest rates, demand for family mortgages is growing, and the additional funding is aimed specifically at targeted subsidies for this program, making it more focused and effective.
Restrictions and Future Outlook of the Programs
Despite budget expansion, not all subsidized mortgage programs are growing evenly. In 2024, subsidy shortages led to a reduction in the profitability of such loans for banks, limiting their availability.
A reduction in reimbursements to banks by 0.5 percentage points in 2025 also affected the market, so further growth of subsidized mortgages depends not only on demand but also on the availability of budget funds and the economic attractiveness of the programs for banks.
Conclusion: In August 2026, Russian subsidized mortgages show confident growth, supported by additional funding and a focus on family programs.