“Institute for Urban Economics”: the housing affordability ratio in Russia has exceeded 3 
mortgage rates. The Russians were warned about this by experts from the Institute for Urban Economics, RIA Novosti reports.
Housing affordability is determined by the value of the coefficient – it means the period during which a family of three can save up for an apartment of 40-45 square meters. In 2021, analysts recorded that the value exceeded 3 – data means low availability of facilities. At the moment, housing is considered the least affordable in the St. Petersburg and Moscow agglomerations – the coefficients have reached 5.5 and 5.4, respectively. Kazan (4.1), Vladivostok (4.0) and Krasnodar (3.9) agglomerations are located below markets with affordable housing, in 2021 their number decreased to 6. The fund said that earlier the downward trend in affordability was constrained by the availability of mortgages.
Earlier it became known that Russian banks began to raise mortgage rates. The rates on standard mortgage lending programs were increased by 0.5 percentage points by Absolut Bank. The rise in price was also recorded in MTS Bank and Promsvyazbank. VTB also announced a future rate hike.