Kemerovo, Russian Federation
Kemerovo, Russian Federation
The housing problem is extremely urgent for Russian citizens. This problem can be solved by mortgage lending in the market economy environment. The present research features the development of mortgage housing loans and identifies the existing problems in order to find ways to strengthen the mortgage capital market. The study is based on theoretical and methodological works on the theory of mortgage lending. It involves a comparative-historical analysis in the application to the mortgage capital market, as well as an analysis of the dynamic series based on statistical data of the Federal State Statistics Service, the Bank of Russia, and the Agency for Mortgage and Housing Crediting. The paper presents a retrospective analysis which makes it possible to conclude that, despite all the difficulties of socioeconomic development, mortgage lending has become an independent institution of the modern economic system of Russia. In conditions of economy stabilization, loans are becoming more affordable, and banks offer a variety of mortgage products on various terms. However, the position of the Russian mortgage market is still seriously inferior to that of developed countries. The authors propose several approaches to the development of the mortgage housing market, which may contribute to its further development and, thus, increase the role of mortgage in solving the housing problem, as well as construction volumes, production in related industries, and the Russian economy as a whole.
housing supply, mortgage capital market, mortgage, the history of mortgage lending in Russia, ways to strengthen the mortgage market
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