The Real Estate Market in the Russian Federation in H1 2016

Russian Economic Developments. Moscow, No. 9, pp. 22-27, 2016

6 Pages Posted: 23 Sep 2016

See all articles by Georgy Zadonsky

Georgy Zadonsky

Gaidar Institute for Economic Policy

Date Written: September 22, 2016

Abstract

As for 1 August 2016, since the turn of the year 521,600 apartments were built totaling to 37.2 mn sq. m, which constitutes 92.6% of the floor area commissioned during the same period of 2015. Decline in the volumes of commissioned housing in 2016 was owing, first of all, to a reduction of housing floor area constructed by individuals. In H1 2016, the number of registrations of land mortgage loans extended to individuals exceeded by 33.6% the number of registrations of land mortgage loans extended to individuals in H1 2015 and constituted 79.02% of the total number of mortgages extended during 2016. In H1 2016, credit institutions issued 389,800 housing mortgage loans (HML) totaling to Rb 664.5bn, which by 44.2% exceeded the amount of housing mortgage loans originated in H1 2015. As of 1 July 2016, outstanding debt on HML denominated in rubles in percent to residual debt went up by 0.03 p.p. against 2015 and constituted 1.11%. Average weighted interest rate for June 2016 on HML denominated in rubles came to 12.99% exceeding by 0.48 p.p. interest rates of February 2016.

Keywords: Russian Economy, Real Estate Market, Mortgage, Housing Loans

JEL Classification: G21, K11, L74, L85, R14, R21 , R31, R52

Suggested Citation

Zadonsky, Georgy, The Real Estate Market in the Russian Federation in H1 2016 (September 22, 2016). Russian Economic Developments. Moscow, No. 9, pp. 22-27, 2016, Available at SSRN: https://ssrn.com/abstract=2842175 or http://dx.doi.org/10.2139/ssrn.2842175

Georgy Zadonsky (Contact Author)

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

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