From January to August 2022, the number of housing mortgages issued by leading (top 20) banks in Russia reached 753 thousand. This represents a 37% decrease to the same period of the previous year, yet a 35% increase to the previous month: in August, the mortgage market continued to recover after a temporary decline in April-May. The total value issued since January is estimated at approximately 2.7 billion rubles, down by 25% year-on-year.
The number of households becoming owners of new apartments and houses is a key factor shaping the demand for furniture for all residential areas in the medium term in Russia, as well as partly pent-up demand over a longer time-horizon.
We are tracking this indicator more closely, including the structure of mortgages issued by types of property and housing readiness, within our extended Market Reports.