Russia has a very fragmented mortgage market primarily because 1) its banking system isn't where it should be and 2) property rights issues have not been totally resolved. They are trying, but there are too many negative forces at work to allow it to grow to a reasonable size.
Russia has a very fragmented mortgage market primarily because 1) its banking system isn't where it should be and 2) property rights issues have not been totally resolved. They are trying, but there are too many negative forces at work to allow it to grow to a reasonable size.
So, while they do have some mortgages (which will not appeal to those who need them most, of course), it is unclear whether this market will succeed.