Mortgage Lending in 2022

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2023. No. 2, pp. 17-20

4 Pages Posted: 17 Apr 2023

See all articles by Sergey Zubov

Sergey Zubov

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)

Date Written: April 3, 2023

Abstract

In 2022, Russia maintained a high demand for real estate and the banking services pertaining to the issuance of housing (mortgage) loans. The main driver of market development, just as it was during the period 2020–2021, remained the government-funded mortgage programs offering relatively low interest rates. At the same time, over the course of last year, in the situation of unsatisfied demand, there emerged joint schemes of banks and real estate developers in the form of almost interest-free mortgage loans to finance the purchase of an overpriced home. The widespread use of such products has forced the RF Central Bank to resort to constraining measures against mortgage loans with extremely low interest rates, which it plans to implement in 2023.

Keywords: Russian economy, mortgages, retail loans

JEL Classification: G21, G24, G28

Suggested Citation

Zubov, Sergey, Mortgage Lending in 2022 (April 3, 2023). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2023. No. 2, pp. 17-20, Available at SSRN: https://ssrn.com/abstract=4408233 or http://dx.doi.org/10.2139/ssrn.4408233

Sergey Zubov (Contact Author)

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

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