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Apartment developments in suburban |
Russia’s re-emerging middle class is driving strong growth in the country’s embryonic mortgage market as pent-up housing demand and limited supply have caused property prices to soar 30% in Moscow and St Petersburg in the past year.
It’s a significant development indicating that Russians are finally losing their aversion to long-term financial commitments and reflects a growing popular belief that today’s economic growth is more stable than in the past.
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