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The real estate market in the Russian Federation in H1 2016

Author

Listed:
  • Zadonsky Georgy

    (Gaidar Institute for Economic Policy)

Abstract

As for 1 August 2016, since the turn of the year 521,600 apartments were built totaling to 37.2 mn sq. m, which constitutes 92.6% of the floor area commissioned during the same period of 2015. Decline in the volumes of commissioned housing in 2016 was owing, first of all, to a reduction of housing floor area constructed by individuals. In H1 2016, the number of registrations of land mortgage loans extended to individuals exceeded by 33.6% the number of registrations of land mortgage loans extended to individuals in H1 2015 and constituted 79.02% of the total number of mortgages extended during 2016. In H1 2016, credit institutions issued 389,800 housing mortgage loans (HML) totaling to Rb 664.5bn, which by 44.2% exceeded the amount of housing mortgage loans originated in H1 2015. As of 1 July 2016, outstanding debt on HML denominated in rubles in percent to residual debt went up by 0.03 p.p. against 2015 and constituted 1.11%. Average weighted interest rate for June 2016 on HML denominated in rubles came to 12.99% exceeding by 0.48 p.p. interest rates of February 2016.

Suggested Citation

  • Zadonsky Georgy, 2016. "The real estate market in the Russian Federation in H1 2016," Russian Economic Developments, Gaidar Institute for Economic Policy, issue 9, pages 22-27, September.
  • Handle: RePEc:gai:recdev:recdev-2016-9-719
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    File Function: Revised version, 2016
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    More about this item

    Keywords

    REAL ESTATE MARKET; Russian Economy;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

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