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Mortgage loans' share in Russia's GDP extremely low
RBC, 13.11.2007, Moscow 14:26:27.Mortgage loans account for 1 percent of Russia's GDP, Garegin Tosunian, President of the Association of Russian Banks (ARB), told a mortgage conference in Moscow today. He said that, despite the mortgage sector's 23-fold increase over the past five years, its volume still remained small, with the share of mortgage deals in overall transactions with housing at a mere 9 percent. According to Tosunian, where per-capita mortgage loan volume stands at EUR212,000 (USD309.505) in the US, it averages RUR172 (EUR31, or USD45.3) per capita in Russia. In the ARB President's opinion, the mortgage market could receive a boost from more active implementation of mortgage securities. In addition to the securities being highly liquid and reliable, the market will gradually turn more to domestic borrowings, rather than relying on world market resources.
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