HOUSING MORTGAGE LENDING IN RUSSIA: ACCUMULATED EXPERIENCE AND MODERN CHALLENGES

Abstract

The article presents the current state of the market of housing mortgage lending in Russia, analyzes the experience and trends in its further development on the basis of the analysis conducted for the 2005-2022 period. The dynamics and analysis of the key parameters of the housing mortgage lending market in Russia: volume of lending, number of mortgages, average credit amount, the amount of overdue debt on mortgage loans issued, average lending rates. As a result, it was determined that historically, the Russian market of housing mortgage lending has faced various challenges, the success stages were followed by the failure stages, this is due to the state of the economy, the influence of the state, investment expectations and the financial capacity of mortgage borrowers. The authors of the article highlight the problems that prevented the strong growth of mortgages, the first laws to develop the affordable housing market including the stage of the COVID-19 pandemic, as well as the consequences of government assistance in the form of subsidized mortgage lending in recent years. The article pays special attention to the current and prospective changes that will either lead to a new growth of the market or harm its development. The main elements of the market were chosen, such as the level of borrowers' solvency against the background of rising inflation, the high level of the key rate, reducing consumer demand, the increasing role of preferential mortgage lending, the rising cost of building materials as a consequence of the impact of sanctions caused by the accumulated contradictions in the relationship between Russia and the West.

Keywords: housing mortgage lending, key rate, preferential mortgage, volume of lending, borrowers' solvency

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About the Authors

Valentina N. Berdnikova – Cand. Sci. (Economics), Docent; Associate Professor, Kuban State Technological University, Krasnodar, Russia. E-mail: wkoshman@rambler.ru. SPIN РИНЦ 5854-6298. ORCID 0000-0002-9842-8368
Kristina M. Gabrielyan – Engineer, master`s Degree student, Kuban State Technological University, Krasnodar, Russia
E-mail: kristinagab2012@mail.ru. SPIN РИНЦ 5280-0329. ORCID 0000-0001-8084-4374

For citation: Berdnikova V.N., Gabrielyan K.M. HOUSING MORTGAGE LENDING IN RUSSIA: Accumulated Experience and Modern Challenges // BENEFICIUM. 2022. Vol. 3(44). Pp. 41-48. (In Russ.). DOI: 10.34680/BENEFICIUM.2022.3(44).41-48