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Mortgage Lending in January-May 2021: the Upside Risk of the Real Estate Market

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2021. No. 12, pp. 16-18

3 Pages Posted: 11 Aug 2021

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: July 14, 2021

Abstract

At the beginning of this year, the growth rate of residential mortgage lending (RML) corresponded to the average level of 2020. The market situation is largely influenced by the reduction in interest rates caused by the implementation of state preferential mortgage programs. The rise in prices in the primary and secondary housing markets amid more expensive bank funding and an increase in construction costs create potential upside risks in the real estate market and results in a mortgage bubble, which forces the government and the Central Bank of the Russian Federation to take measures to cool the market.

Keywords: Russian economy, mortgage market

JEL Classification: G21

Suggested Citation

Zubov, Sergey, Mortgage Lending in January-May 2021: the Upside Risk of the Real Estate Market (July 14, 2021). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2021. No. 12, pp. 16-18, Available at SSRN: https://ssrn.com/abstract=3886377 or http://dx.doi.org/10.2139/ssrn.3886377

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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