Only 6% of Russians signed up for mortgages - Nabiullina
Mortgage in Russia has not taken root so far, with only 6% Russians signed up for mortgage loans, Central Bank chairperson Elvira Nabiullina told Russia 24 in an interview.
"Mortgage penetration isn't substantial [in Russia], only about 6% have a mortgage contract. Growth potential is there, but it should be realised gradually, no bubbles blown,' she added.
In some other countries, the penetration ratio is over 50%, Nabiullina mentioned, whereas our mortgages have a shorter life, since people are trying to pay back sooner, to avoid the [heavy] debts, peonage,' she explained.
Ms Nabiullina also noted that the regulator is watching the mortgage market closely to prevent bubbles.