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According to this agreement, the Bank clients were advised in addition to the statutory insurance of the real property subject to acquisition (see Law On Mortgage (Real Estate Pledge) was advised to purchase a policy for voluntary life and work capacity insurance. At the same time clients having purchased additional insurance services were offered discounted property insurance tariff.

In 2010 the following changes were introduced into the RF Government Resolution No.386 to reduce the number of anti-monopoly laws violations. These changes also cover mortgage lending markets.

on December 3 2010 the RF Government enacted Resolution No. 968 On Amending General Exceptions with Regards to Agreements between Credit Institutions and Insurance Companies according to which it is allowed to require insurance for the period of mortgage in case it is possible to pay the premium in installments with payments not more frequently than once per year.

Overall the most valuable area of improvement in the concerted practices regulation is amending the effective legislation allowing control/regulate certain markets.

6.5. The Russian Housing Market in 2010: Stagnation and Beginning of the Recovery Last year, most indices of the countrys social and economic development (the GDP, industrial production and investments in fixed capital) showed positive dynamics. The above factor could not but have an effect on the dynamics of the households cash income. According to the preliminary data, in 2010 the households real disposable income grew by 4.3% against 2.1% in 2009.

An increase in growth rates of households income in a situation where the main macroeconomic and financial indices remain stable has contributed to realization of the accumulated earlier delayed solvent demand which had a positive impact on the dynamics of the housing market.

RUSSIAN ECONOMY IN trends and outlooks 6.5.1. Price Situation on the Secondary Housing Market It is worth remembering the way the dynamics of the prices on the Russian housing market was formed during the crisis. From the end of 2008, the housing prices in rubles and their USD equivalent started to decline. The most critical phase of falling prices lasted till May 2009; after that the RUR prices kept declining but at a slower rate, while by the end of that year they virtually stabilized in most cities. Due to a drop in RUR prices and RUR depreciation, the USD price equivalent decreased a great deal more by May, but then it virtually stabilized as a result of both slowdown of rates of a drop in RUR prices and a somewhat appreciation of the RUR exchange rate which took place simultaneously with insignificant fluctuations within the limits of the band set by the Central Bank of Russia. In general, in 2009 a drop in housing prices was observed nationwide.

In 2010, there was a smooth growth in housing prices in Moscow, while fluctuating stability was typical of most cities of the sample. (Table. 28).

Moscow became an undisputable leader as regards the price growth in nominal terms (10%). Also, it is worth mentioning a price increase of over 5% in a group of cities of Siberia and the Urals (Novosibirsk (9.2%), Krasnoyarsk (7.9%), Ufa (7.1%), Omsk (6.2%) and Tyumen (5.3%)), as well as Tver (7.4%). A drop in prices was registered only in Nizhny Novgorod, Stavropol, Ryazan and Shakhty (the Rostov Region), however, it amounted to less than 3%.

In analyzing the price dynamics within the longer period (as compared to December 2007) which included the pre-crisis period, the critical phase of the crisis and the beginning of exit from the crisis, it can be stated that in December 2010 in most cities of the sample nominal prices on the secondary housing market were lower than those which prevailed three years ago. At the same time, as compared to December 2007 in Moscow that index was exceeded by over 26%, while in Shakhty, by 19%; the Moscow Region, by 17. 5%; St. Petersburg, by 5.8% and Ulyanovsk, by 3.9%. In Tver, the value of the index in December 2007 was almost the same as that in 2010. The largest drop in prices was registered with the group of cities of Siberia and the Urals: in Izhevsk prices fell by 24%; in Perm, by 21% and in Omsk and Krasnoyarsk, by nearly 20%.

All the calculations have been carried out on the basis of such a monthly data on the average unit weight of the supply price on housing in Russian cities as was provided by RGR certified real-estate analysts S. G. Sternik ( Sterniks Consulting), A. G. Beketov (All Moscow and the Moscow Region), S.V. Bobashev, .. Bent, GK The Bulletin of Real Estate (St. Petersburg), . . Khorkov, . . Antasyk, G.. urashvili (All RiTz UPN, Yekaterinburg), . Cheremnykh, U SS-Stroi (Izhevsk), .. Stepanova SAN Expert (Ufa), N. N. Afanansieva, dalin-Expertiza Sobstvennosty (Yaroslavl), S.. Stasyukevich, BI Group (Vladimit), I. . Yermolaeva, .. Salmina, RID Analitics (Novosibirsk, Kemerovo, Baranaul and Krasnoyarsk), V. . Troshina, Information and Analytical Center Brʻ (Tyumen), .. Chumakov, itul, G. V. Pivovarova, Dn-Nһ (All Rostov-on-Don), E. D. Epishina, Yu. V. Epishina, G Kamskaya Dolina (All Perm), V.N. Kaminsky, TITAN (Tver), G.N. Zyryanova, KuzbassInvestStroi (Kemerovo), D.. Stukalov, N. I. Kovalchyuk, R Sluzhba Nedvizhimosti (Real Estate Service) (Chelyabinsk), . . Repin, ES (Omsk), . Yu. Savina, Agentstvo Pechati i Informatsii (Information and Press Agency) (Ryazan), N. . Yarsina, Center of Real Estate (Ulyanovsk), . V. Trushnikov, B.I.N.Expert (Sterlitamak), . S. Trofimov, Ilekta Center (Stavropol), G. Yu. Eidlina, Realty (Shakhty).

Section 6.

Institutional Problems Table Dynamics of the average unit price of the supply of apartments on the secondary housing market in the 20072010 period Thousand RUR/ sq. meters Index December December December December DecemCity (Region) December December December 2008 / 2009/ 2010 / 2010/ ber 2008 2009 2010 December December December December 2007 2008 2009 Moscow 133.38 186.8 153.0 168.5 1.401 0.819 1.10 1.St. Petersburg 77.76 101.3 81.1 82.3 1.303 0.801 1.015 1.Moscow Region 62.13 91.0 71.5 73.0 1.465 0.786 1.021 1.Yekaterinburg 64.1 62.2 53.0 55.5 0.970 0.852 1.047 0.Novosibirsk 59.0 59.4 45.5 49.7 1.007 0.766 1.092 0.Perm 55.8 58.2 42.4 44.1 1.043 0.729 1.040 0.Krasnoyarsk 54.3 57.0 40.3 43.5 1.050 0.707 1.079 0.Tyumen 53.7 52.5 43.1 45.4 0.978 0.821 1.053 0.Rostov-on-Don 52.0 56.4 48.4 50.5 1.085 0.858 1.043 0.Nizhny Novgorod 49.0 59.85 46.37 45.8 1.221 0.775 0.988 0.Tver 49.4 62.6 46.1 49.5 1.267 0.736 1.074 1.Yaroslavl 46.9 51.6 41.1 42.8 1.100 0.797 1.041 0.Kemerovo 45.8 53.0 40.3 40.6 1.157 0.760 1.007 0.Izhevsk 45.4 41.7 33.3 34.5 0.919 0.799 1.036 0.Chelyabinsk 50.5 36.8 37.2 0.729 1.011 Ufa 45.2 50.2 41.0 43.9 1.111 0.817 1.071 0.Vladimir 36.7 37.5 1.022 Omsk 44.2 40.0 33.4 35.47 0.905 0.835 1.062 0.Barnaul 39.8 34.4 35.1 0.864 1.02 Ryazan 36.8 37.4 35.4 34.4 1.016 0.947 0.972 0.Stavropol 33.1 32.4 0.979 Ulyanovsk 30.6 29.9 31.0 31.8 0.977 1.037 1.026 1.Sterlitamak (Bash- 26.3 28.1 22.9 23.7 1.068 0.815 1.035 0.kortostan) Shakhty (Rostov 22.1 31.1 27.0 26.3 1.407 0.868 0.974 1.Region) Moscow is still an undisputable leader as regards the level of housing prices. In relation to Moscow, in December 2010 the three main groups could be singled out among the rest of the cities of the sample:

cities where prices were in the range of from 1/4 to 1/3 of the level of Moscow prices (Yekaterinburg, Rostov-on-Don, Novosibirsk, Tver, Nizhny Novgorod, Tyumen, Perm, Ufa, Krasnoyarsk and Yaroslavl);

cities where prices were in the range of from 1/5 to 1/4 of the level of Moscow prices (Kemerovo, Vladimir, Chelyabinsk, Omsk, Barnaul, Izhevsk and Ryazan);

cities where prices amount to less than 1/5 of the level of the Moscow prices (Stavropol, Ulyanovsk, Shakhty and Sterlitamak).

A special place is occupied by St. Petersburg and the Moscow Region where the level of prices as compared to Moscow prices amounted to 0.49 and 0.43, respectively (Fig. 9).

Speaking about the dynamics of real housing prices (without the effect of the inflation rate), it is to be reminded that in 2010, as well as in 2009 consumer prices rose by 8.8%. As regards the cities of the sample, the value of the index of real (free of inflation) housing prices (the IGS index)1 in 2008, 2008, 2010 and the 20082010 period as compared to that of December 2007 are shown in Table 29.

Calculation of the IGS index is done according to the following formula: IGS=I/I, where I is the index of housing prices in rubles, while I is the index of consumer prices.

RUSSIAN ECONOMY IN trends and outlooks Fig. 9. Dynamics of the average unit price of the supply of housing in metropolitan regions Table Indices of nominal and real housing prices in the 20072010 period Index of nominal prices IGS index December December December December December December December December City (Region) 2008 / 2009 / 2010 / 2010/ 2008 / 2009 / 2010 / 2010 / December December December December December December December December 2007 2008 2009 2007 2007 2008 2009 Moscow 1.401 0.819 1.10 1.263 1.237 0.753 1.01 0.St. Petersburg 1.303 0.801 1.015 1.058 1.150 0.736 0.933 0.Moscow Region 1.465 0.786 1.021 1.175 1.293 0.722 0.938 0.Yekaterinburg 0.970 0.852 1.047 0.866 0.856 0.783 0.962 0.Novosibirsk 1.007 0.766 1.092 0.842 0.889 0.704 1.004 0.Perm 1.043 0.729 1.040 0.790 0.921 0.670 0.956 0.Krasnoyarsk 1.050 0.707 1.079 0.801 0.927 0.650 0.992 0.Tyumen 0.978 0.821 1.053 0.845 0.863 0.755 0.968 0.Rostov-on-Don 1.085 0.858 1.043 0.971 0.958 0.789 0.959 0.Nizhny Novgorog 1.221 0.775 0.988 0.935 1.078 0.712 0.908 0.Tver 1.267 0.736 1.074 1.002 1.118 0.676 0.987 0.Yaroslavl 1.100 0.797 1.041 0.913 0.971 0.733 0.957 0.Kemerovo 1.157 0.760 1.007 0.886 1.021 0.699 0.926 0.Izhevsk 0.919 0.799 1.036 0.760 0.811 0.734 0.952 0.Chelyabinsk 0.729 1.011 0.670 0.929 Ufa 1.111 0.817 1.071 0.971 0.981 0.751 0.984 0.Vladimir 1.022 0.939 Omsk 0.905 0.835 1.062 0.802 0.799 0.767 0.976 0.Barnaul 0.864 1.02 0.794 0.938 Ryazan 1.016 0.947 0.972 0.935 0.897 0.870 0.893 0.Stavropol 0.979 0.9 Ulyanovsk 0.977 1.037 1.026 1.039 0.862 0.953 0.943 0.Sterlitamak 1.068 0.815 1.035 0.901 0.943 0.749 0.951 0.(Bashkortostan) Shakhty (Rostov 1.407 0.868 0.974 1.190 1.242 0.798 0.895 0.Region) As can be seen from the above data, an insignificant growth in housing prices (around 1%) in real terms took place only in Moscow and Novosibirsk, while in all other cities housing Section 6.

Institutional Problems prices fell to a different extent. The minimum reduction in the IGS index was registered in Krasnoyarsk and Tver, while the maximum one, in Ryazan, Shakhty and Stavropol where real housing prices fell by 10% and more. In Nizhny Novgorod, a similar drop of around 9% was registered.

Also, in all the cities of the sample without an exception, a drop in real housing prices (free of inflation) was registered in the period of the past three years, that is, in the 20082010 period. In most cities, such a drop amounted to 20%40%. The group of metropolitan regions was affected to a lesser extent. In Moscow, the value of the IGS index points to a drop of the mere 6% in real housing prices, while in the Moscow Region, to that of 12.5%. In Shakhty, such a drop amounted to 11.3%. On the contrary, the situation was quite different with the above group of cities of Siberia and the Urals (Omsk, Krasnoyarsk, Perm and Izhevsk) where prices on housing with the inflation rate in the consumer market taken into account fell by 40% and more.

6.5.2. Activities in the residential housing market Activities in residential housing market started to return back to normal as early as late in 2009, while in 2010 they virtually reached the pre-crisis level. Due to return to the market of both the delayed demand and the delayed supply (investment apartments, banks collaterals and other), the volume of the supply has largely grown to ensure a deficit-free situation in the housing market.

According to the Rosregister data, in 2009 the number of purchase and sale transactions with apartments in Moscow amounted to 55,680 which figure was the markets historic minimum in the entire contemporary period. In 2010, the volume of transactions grew by 54% to amount to 85,650, that is, to the 2003 level where the historic maximum was registered (87.500) (Fig. 10).

Thousand units, % 87,85,84,79,77,5376,09 77,87 77,6080,5474,1176,70,82 71,69,65,63,55,-The volume of sales Increase, % Fig. 10. The annual volume of apartment sales on the Moscow secondary market The number of mortgage transactions increased from 5,130 in 2009 to 19,800 in 2010 (that is by 286%), while their share in the total number of transactions grew from 9.6% to 23% (Fig. 11).

RUSSIAN ECONOMY IN trends and outlooks % 12000 6000 0 Deals, units Mortgages, units Share of mortgages, % Fig. 11. Turnover dynamics of the housing and mortgages market in Moscow In Russia, in general, the mortgage lending market grew by 150% to amount to RUR 378.billion in 2010. The level of interest rates on RUR mortgage loans extended within a month in December 2010 as compared to October 2010 decreased dramatically from 13.2% to 12.5%.

The above value was lower than that in the pre-crisis period of January-October 2008 where the average weighted interest rate on RUR mortgage loans amounted to 12.7% (according to the data of the Agency for Mortgage Housing Lending ( AMHL). The total debt of mortgage lending amounted to the record-high level of RUR 1.1 trillion and exceeded the precrisis level which factor is evidence of a mortgage boom. In July 2010, AMHL offered its borrowers three new credit products: schemes with a variable interest rate (the budget of RUR 10.5 billion), utilization of the maternal capital (the budget of RUR 6.3 billion) and provision of loans for low-rise housing development1.

Establishment during the crisis in February 2009 of the Agency for Restructuring of Mortgage Housing Loans (OAO ARMHL), a subsidiary of AMHL may have an important effect on further development of mortgage business.

The above Agency renders support to those borrowers for whom the mortgage housing is the only one they have got and if such housing is not an elite one, either. Also, if the bank makes unacceptable demands to the borrower as regards conditions of restructuring of the loan the latter may apply to ARMHL.

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