Results of the high season in the IHS market: the volume of mortgage issuances increased by 55%

After a lull that began in the second half of 2024, demand for private homes has recovered significantly.

Alexey Leipi, Director of the Domklik Department of Sberbank:

“From April to September 2026, Sber issued 135.5 billion rubles of mortgages for IHS – against 87.5 billion rubles for the same period of 2025 (+ 54.8% year-on-year). Such dynamics indicates the return of interest in suburban real estate: since July 2024, the market experienced a decline caused by the curtailment of programs of mass preferential mortgages for new buildings.

In the future, the development of individual construction can contribute to increasing the availability of market mortgage programs, as well as maintaining a preferential rate of 6% on the "family mortgage".

The demand structure is shifting towards more expensive projects. This is due both to an objective increase in the cost of construction, and to the desire of borrowers to increase the comfort of living (the use of better materials, modern architectural and design solutions). At the same time, the segment of 7-8 million rubles retains the status of the “golden mean” and remains the most popular.

April, June and September 2026 were the months of maximum acceleration: issuances increased by 88.6%, 92.8% and 108.6% compared to the same months of 2025, respectively. September showed a record result of 31.6 billion rubles (+ 108.6%), which was the absolute maximum since the start of the decline in July 2024.

At the same time, if the surge in issuances in June and September was dictated by the excessive demand for the Family Mortgage, then the April growth reflected the natural market dynamics.

The least dynamic month was August 2026: growth was only 1.4% (18.1 billion rubles against 17.9 billion rubles in August 2025). This was probably due to the traditional seasonal decline in holiday activity. In May and July, the dynamics were also more moderate - an increase by 2025 was 41.2% and 23.3%, respectively.

In general, in 2026 there are two pronounced peaks of issuances - in June and September. This was influenced by the information background around the “Family Mortgage”, which dominates the housing insurance market: this program accounted for more than 80% of the total amount of issuances for the construction of private houses.

Demand shifts towards more expensive projects

Analysis of the distribution of transactions by the cost of construction reveals an important trend: buyers are increasingly choosing projects of medium and higher price categories.

The most popular segment are houses worth 7-8 million rubles. They account for 41.9% of all transactions (the share decreased by 1.2 percentage points compared to 2025). It is this price range that is the “core” of the IWS market.

The segment of budget projects is losing popularity. The share of construction worth up to 5 million rubles decreased by 2.2 percentage points, to 7.3%. Even more significant is the decline in the category of 5-7 million rubles - the share of such transactions fell by 5.7 percentage points, to 15.2%.

On the contrary, the demand for more expensive projects is increasing. The total share of houses worth over 8 million rubles rose to 35.5% compared to almost 30% a year ago.

Methodology

Analysts Domklik studied the actual mortgage transactions of Sber for the construction of a private house and the purchase of a finished house from the contractor, executed from April to September 2025 and 2026 inclusive. Based on these data, Domklik analysts calculated the monthly dynamics of mortgage issuances, estimated the impact of various mortgage programs and built the distribution of transactions by price segments depending on the value of the property.