From January to August 2021, the number of housing mortgages issued by leading (top 20) banks in Russia reached 1 199 thousand. This represents a 29% increase to the same period of the previous year. The total value is estimated at approximately 3 478 billion rubles, up by 54% year-on-year.
The indicator shows record-breaking growth since 2020, when the preferential mortgage program with state support was launched in response to pandemic challenges.
The number of households becoming owners of new apartments and houses is a key factor shaping the demand for furniture for all residential areas in the medium term in Russia, as well as partly pent-up demand over a longer time-horizon.
We are tracking this indicator more closely, including the structure of mortgages issued by types of property and housing readiness, within our extended Market Reports.