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Russian Mortgage Lending Surged 30% in 2014 Despite Economic Slowdown

Russian mortgage lending has dropped in 2015 due to high interest rates

MORE: Business

This article originally appeared at The Moscow Times

The number of mortgages issued in Russia surged to more than 1 million last year, even as an economic slowdown began to strike borrowers, the Vedomosti newspaper reported, citing data from the Central Bank.

<figcaption>The real estate market benefited in some ways from the slowdown</figcaption>
The real estate market benefited in some ways from the slowdown

The number of mortgages granted in 2014 surged 22.8 percent from the previous year, while the total volume of mortgage lending in monetary terms rose 30.3 percent to 1.7 trillion rubles ($33 billion), the report said.


Many Russians accelerated their real estate buying plans early in the year in an effort to safeguard their savings from the devaluation of the ruble currency. A similar boom followed in November and December as the ruble took a second, more severe nosedive.

Read more at The Moscow Times

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