The share of mortgage loans where the borrower's age at the time of debt repayment exceeds 65 years reached 48% in the first half of 2024, which is 14 percentage points more than a year earlier, the Bank of Russia reports.
"In the first half of 2024, the share of loans in which the age of the borrower at the time of the planned repayment of the loan will be over 65 years (+14 percentage points per year) increased to 48% of the total volume of loans. At the same time, the share of borrowers with planned mortgage payments over the age of 60 is 67% (+15 percentage points per year)“, the document notes. In the current year, the share of mortgage loans for a period of 30 to 31 years increased by 6.8 percentage points, and for a period of 25 to 31 years - by 4.2 percentage points.
According to data from the Central Bank, a borrower who received a mortgage loan in the second quarter of 2024, on average, already had one existing loan. "Over the course of two years, the number of borrowers with at least one unsecured loan in addition to their mortgage increased (+38% over two years). The number of borrowers with only a mortgage loan is decreasing and as of July 1, 2024, it amounts to 4.6 million people”, the Central Bank notes.
At the same time, half of mortgage borrowers have a debt of 1 to 4 million rubles, and every third mortgage borrower has a debt of up to 1 million rubles.
The average amount of mortgage debt is 1.9 million rubles (18,200 EUR)
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE