Proportion of overdue mortgage payments at only 3% in Russia

Vitalie Iambla, Construction Analyst, PMR
After a 27% surge in mortgage approvals last year, Russia’s mortgage market skyrocketed in 2018. Last year, financial institutions in Russia granted to the population about 1.47 million mortgages (+35.4% y-o-y) at a total value of RUB 3,013bn (€41bn, +49% y-o-y). In 2018, the mortgage market was fuelled overwhelmingly on account of all-time low mortgage interest rates and government’s commitment to continue to provide subsidised mortgages. The increasing willingness of the banking industry to boost mortgage lending has been, to a great extent, possible to support on account of the…

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