From January to November 2022, the number of housing mortgages issued in Russia reached 1.15 million. This represents a 31% decrease to the same period of the previous year. In November alone, the indicator increased by 6% if compared with the previous month. The total value issued since January is estimated at approximately 4.1 trillion rubles, down by 19% 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.