Morgage Credit in 2020
Monitoring of Russia's Economic Outlook: Trends and Challenges of Socio-economic Development. Moscow. IEP. 2021. No. 3, pp. 14-17
4 Pages Posted: 27 Mar 2021
Date Written: February 26, 2021
The final transition to escrow accounts model in financing residential construction was the highlight of the mortgage market in 2020. The model provided state guarantee for the citizens investing in housing at the construction stage. The reduction of credit rates and implementation of the state program on interest rate subsidization for newly constructed building mortgage loans have resulted in upward demand on the real estate market. Over 2020, the Russian banks have built up the value of mortgage loans exceeding record indexes previously recorded in 2018.
Keywords: Russian economy, morgage lending
JEL Classification: G21, G24, G28
Suggested Citation: Suggested Citation