Mortgage lending is gradually recovering thanks to government programs


In 2022, Ukrainian banks issued 2,009 mortgage loans for a total amount of UAH 1.96 billion. Compared to 2021, new mortgage lending decreased by 5.3 times in the number of contracts and by 4.3 times in monetary terms.

This is evidenced by the results of the monthly survey of banks on the volume of mortgage loans granted to the population.

The majority of mortgage loans in 2022 – two-thirds by number of contracts – were granted in January-February before the beginning of the full-scale military aggression of the Russian Federation.

In March–May, mortgage loans were not granted at all, in the summer there were isolated issues.

Instead, since September, mortgages began to gradually recover, primarily thanks to the state lending support programs “Affordable Mortgage” and “eOselya”. Within these programs, borrowers can obtain mortgage loans at reduced interest rates of 7% and 3% per annum, respectively.

In September-November 2022, banks issued 252 mortgage loans for a total amount of almost 280 million hryvnias, and in December – 405 loans for half a billion hryvnias. This is the highest monthly figure since the beginning of the full-scale war. 4 banks informed about the issuance of new mortgages in December.

During the war, banks lend for the purchase of housing almost exclusively on the secondary real estate market: the share of concluded mortgage contracts in this segment was 99% of all new mortgage loans in June-December 2022.

Regionally, during this period, the largest number of mortgage loans were issued in Kyiv and Kyiv region – 241 contracts for a total amount of almost UAH 345 million (43% of the total volume), in Volyn region – 48 contracts for UAH 60 million (8%), Vinnytsia region – 37 contracts for UAH 50 million (6%) and Chernihiv region – 54 contracts for UAH 47 million (6%).

For reference

The monthly results of the banks’ survey are banks’ self-assessment of their own mortgage portfolios. Therefore, they may not coincide with the official statistics posted on the pages of the official Internet representation of the National Bank of Ukraine in the “Statistics” section.

The differences are due primarily to the banks’ use of management reporting for the purposes of compiling data tables for mortgage portfolios. This approach more accurately reflects the type of collateral for loans, and therefore the essence of the classification of loans.

Banks may revise information for previous months, so retrospective changes are likely in subsequent periods.

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