Uneven growth observed on mortgage market in Russia

Vitalie Iambla, Construction Analyst, PMR
After a 27% surge in mortgage approvals last year, a substantial increase in Russia’s mortgage market is expected in 2018. This year, the market is being fuelled overwhelmingly by all-time low mortgage interest rates. About 1.09 million mortgages were granted in Russia in 2017, 26.9% more than the amount recorded a year before. The total value of mortgages granted was RUB 2,022bn (€30.7bn), a 37.2% year-on-year increase. The result for the first eight months of 2018 is more positive: the year-on-year increase in the number of mortgages granted was 51.2% for January-August 2018,…

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