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Russia's mortgage lending market to recover in 2012
RBC, 26.10.2009, Moscow 11:39:21.The total volume of mortgage loans in 2012 may exceed the pre-crisis level and amount to RUB 818bn (approx. USD 28.21bn) and reach RUB 1.676 trillion (approx. USD 57.79bn) in 2015, the RBC Daily newspaper reported today, citing official data from the Housing federal target program. According to the federal target program's documents, the volume of mortgage loans extended in 2008 stood at RUB 649.9bn (approx. USD 22.41bn), and in 2009 this figure is expected to shrink 5.2 times to RUB 125bn (approx. USD 4.31bn). The mortgage lending market will need three years to recover, experts say. At the same time, the number of mortgage loans is projected to reach 365,000 in 2012 compared to 75,000 in 2009.
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