Owning a home in Russia is less and less accessible as increasingly fewer people are ready to take out a mortgage to buy real estate, RIA Novosti reports citing the Equifax credit history bureau.
Russian banks are giving out significantly fewer mortgages. The number of loans went down by more than 13% over H1 2019 to 311K mortgages.
It appears that the scope of real estate loans is growing as the total value of all mortgages has increased by over 3% year-on-year and exceeded RUR 787 bln ($12 bln). However, Equifax claims the market growth has stopped.
Equifax experts found that Russians are taking out mortgages for longer terms, or 17 years on average, which is by three years longer than in early 2018.