From January to September 2022, the number of housing mortgages issued in Russia reached 891 thousand. This represents a 34% decrease to the same period of the previous year, yet a 13% increase to the previous month: in September, the mortgage market continued to recover. The total value issued since January is estimated at approximately 3.2 trillion rubles, down by 21% 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.
