The Real Estate Market in the Russian Federation in Q1 2016
Russian Economic Developments. Moscow, 2016, No. 6, pp. 38-42
5 Pages Posted: 28 Jun 2016
Date Written: June 27, 2016
In Q1 2016, 224,000 ﬂats were built totaling to 15.6 mn sq. m, which constitutes 84% of the ﬂoor space commissioned in Q1 2015. In Q1 2016, the volume of land mortgage loans extended to individuals exceeded by 52.8% the volume of land mortgage loans extended to individuals in Q1 2015 and its volume came to 79.13% of the total number of mortgage loans originated in Q1 2016. In Q1 2016, credit institutions extended to borrowers 188,300 housing mortgage loans (HML) totaling to Rb 323.4 bn, which by 48% exceeded the amount of housing mortgage loans originated in Q1 2015. As of 1 April 2016, outstanding debt on HML denominated in rubles in percent to residual debt went up by 0.06 p.p. against 2015 and constituted 1.08% Average weighted rate for March 2016 on HML denominated in rubles came to 12.86% against the maximum value of 14.71% for February 2015.
Keywords: Russian economy, real estate market, housing mortgage
JEL Classification: G21, K11, L74, L85, R14, R21 , R31, R52
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