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Mortgage lending and housing prices in Russia: Unfounded accusations?

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  • A. V. Mishura
Abstract
The article analyzes the relationship between the price of housing and the volume of issued housing loans in Russia in 2009—2021. Has the development of the mort- gage lending market in recent years driven up housing prices; as has often been claimed? Using data from Rosstat and the Central Bank of the Russian Federation on average housing prices and lending volumes in Russia as a whole; as well as in Russian regions; the significance of mutual influence of their quarterly and annual changes is estimated using vector autoregression and panel vector autoregression models; taking into account exogenous variables. It has been found that mortgage lending dynamics was not a significant and stable factor in the growth of housing prices. The latter largely depended on the households’ solvent demand; macroeco- nomic conditions; the state of regional economy; and dynamics of the housing stock.

Suggested Citation

  • A. V. Mishura, 2023. "Mortgage lending and housing prices in Russia: Unfounded accusations?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 3.
    • Handle: RePEc:nos:voprec:y:2023:id:4048
    DOI: 10.32609/0042-8736-2023-3-63-82
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