mortgage rates are skyrocketing

In Moscow (Russia), Lisa Malilio, a young business management consultant, plans to buy her apartment. With nearly 20,000 euros in rubles in her backpack, she heads to the bank. This represents a security deposit before she makes a bank transfer: the 40 m2 she wants to buy costs 140,000 euros. So you have to borrow. Young mother, she benefits from an advantageous loan: 9% instead of 20% today. Because of Western sanctions, the cost of credit has skyrocketed.

Real estate agent, Alexis Kiselev does a large part of his work on the internet. His agency has done well so far, but the coming months will be difficult. “Today, interest rates are very high, around 20%. I think you have to wait six months maybe before considering a purchase”, he confides. Nikolay Maslov, a Russian employee, has resigned himself: he is not going to buy accommodation and will stay with his parents for a few more months. Many Russians have done like him and prefer to wait for better days before buying.