From January to February 2022, the number of housing mortgages issued by leading (top 20) banks in Russia reached 225 thousand. This represents a 3% decrease to the same period of the previous year. The total value is estimated at approximately 800 billion rubles, up by 19% year-on-year.
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.