Average mortgage rate in Russia to exceed 13% in 2014

Russia’s mortgage market has boasted impressive double-figure growth rates in recent years. The trend is being fuelled strongly by the government’s determination to expand the country’s housing stock, which will be difficult to achieve without an adequately developed mortgage market. It should be noted that the total value of mortgages granted to the population in 2013 (RUB 1,354bn) accounted for 96.4% of the total value of loans for home purchases last year, which came to RUB 1,405bn (€33bn). In H1 2014 the figure rose to 96.9%.

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