Min: Interest rates on mortgage loans fall below 10% in Russia

MOSCOW, Dec 20 (PRIME) -- Interest rates on mortgage loans in Russia have contracted below 10% for the first time in the country’s history, Economic Development Minister Maxim Oreshkin said on Wednesday at a conference.

“The actual data shows that interest rates on mortgage loans have fallen below 10% for the first time in the Russian history. This contraction of mortgage rates provides positive prospects for growth of the sector on the background of a low debt burden of citizens and of the economy in general,” he said.

“The construction sector has started its restoration. Those sectors that suffered the most, they depend on the economic cycle. As we see, demand for housing is growing, the mortgage market is going through a revival. This is one of the examples of how a switch to low inflation supports economic growth,” he said.

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