Mortgage Credit in 2020

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences, Associate Professor (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Final transition to escrow accounts model in financing residential construction was the highlight of the mortgage market in 2020. That model provided state guarantee for the citizens investing in housing at the construction stage.

Reduction of credit rates and implementation of the state program on interest rate subsidization for newly constructed building mortgage loans have resulted in upward demand on the real estate market. Over 2020, the Russian banks have built up the value of mortgage loans exceeding record indexes previously recorded in 2018.

Key words: housing mortgage lending, soft mortgage programs, escrow accounts.