The Central Bank announced the overheating of the primary housing market in Russia. In the second half of last year, mortgages grew by an average of 3.2% monthly.
Elvira Nabiullina said that this happened mainly due to the fact that people sought to take out soft loans before the conditions of state programs were tightened. High inflation expectations also played a role, she said. Earlier, Nabullina had said that the Central Bank of Russia does not see a bubble in the mortgage market.