Housing Mortgage in the Russian Federation in January 2015
Russian Economic Developments. Moscow, 2015, #3, pp. 31-33
3 Pages Posted: 1 Apr 2015
Date Written: March 30, 2015
In 2014, the volume of housing mortgage lending (HML) in the Russian Federation continued to grow despite the development of crisis phenomena in the Russian economy. The volume of housing mortgage credits (HMC) allotted in 2014 (Rb 1.762 trillion) was 30.18% above the same index for 2013, while their number grew by 22.7% on the previous year. The quality of the ruble-denominated HMC portfolio improved: the amount of stale debt against HMC denominated in rubles shrank by 0.15 p.p. on 2013, to 0.86%. The quality of the HMC portfolio denominated in foreign currencies also improved: the amount of stale debt against HMC denominated in foreign currencies shrank by 0.12 p.p., to 12.57%. Over the course of the year, the average monthly weighted interest rate on HMC denominated in foreign currencies grew by 1.06 p.p. on 2013, to 13.16% for December 2014. The average weighted interest rate on HMC denominated in rubles shrank by 0.35 p.p. on 2013, to 9.25%.
Keywords: Russian economy, Russia's real estate market, mortgages in Russia, housing in Russia
JEL Classification: G21, K11, L74, L85, R14, R21 , R31, R52
Suggested Citation: Suggested Citation