Prices have risen by 172% in Russia’s biggest cities over the past three years
to be a tough sell in Russia. Decades of Soviet propaganda, which denounced credit as an unbearable burden, had an effect. Even after the end of communism, Russians still referred to mortgages as “debt slavery”, preferring to save until they could buy their homes outright. Vladimir Putin, the country’s president, has spent two decades trying to convince his citizens to take a different view.
He is now having more success—and all it took was a heavy dose of statism, as well as the invasion of a peaceful neighbour. Over the past few years, the number of Russians taking out mortgages has soared, owing to a generous programme of state subsidies for buyers of new-builds. Mr Putin may have got more than he bargained for, however. The state’s subsidy binge has stoked an ultra-hot property market, sending house prices soaring.
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