Mortgage volumes doubled in the first quarter

In January-March 2021, the volume of mortgage loans issued in Ukraine more than doubled compared to the corresponding period last year and amounted to 1.4 billion UAH.

This is evidenced by the findings of a survey of banks, which was conducted by the National Bank of Ukraine (NBU), reports the press service of the central bank.

“In total, banks issued 1,811 loans worth almost UAH 1.4 billion in the first quarter of 2021. Compared to the first quarter of 2020, new mortgages increased by 51% in terms of number of agreements and more than double in monetary terms ”, we read in the report.

Ukrainian banks reported issuing 750 loans worth UAH 577.4 million in March 2021. Loan issuance increased by 26% compared to February 2021 and nearly 2.5 times compared to March 2020. The number of new agreements increased by 22% over the month and 83% over the year.

According to the NBU, the growth in mortgages is mainly due to loans for purchase in the secondary real estate market. Compared with February 2021, in March, the volume of loans for the purchase of housing in the secondary market increased by 28% or 109.2 million UAH and by 15% or 10.3 million UAH on the primary market compared. The share of mortgage contracts concluded for purchase in the secondary market represented 87% of all loans issued in March.

The average amount of a mortgage continues to increase – from around 742,000 UAH in February to 770,000 UAH in March. The average amount of a new mortgage loan for purchase in the primary market during the reference month was UAH 837,000 and UAH 760,000 in the secondary market.

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