Demand for home loans fell by 68.7% in September compared to the same period last year, the Credit Information Bureau (BIK) said in a release. The number of applicants for home loans fell by 67.6% year-on-year in September, but compared to August, the number of applicants increased by 9.6%. The month-on-month increase was the first in six months.
BIK Group's chief analyst Waldemar Rogowski said that statistics confirm that high interest rates, stricter regulatory requirements, and fears of recession, effectively froze the demand for housing loans. however, September showed the first signs of revival.