Over the past 12 months, Russian banks have issued mortgages worth 5.4 trillion rubles, central bank chief Elvira Neviolina told the State Duma. The total volume of loans at preferential rates approached 19 trillion rubles, writes Vedomosti. According to the regulator's chairman, the benefits from massive schemes have been offset by rising property prices, so the focus should shift from cheap mortgages to affordable housing. The way to reduce market rates lies in low inflation, and future benefits should be carefully targeted, Kommersant notes.

Over the past 12 months, Russian banks have issued mortgages worth 5.4 trillion rubles, central bank chief Elvira Neviolina told the State Duma. The total volume of loans at preferential rates approached 19 trillion rubles, writes Vedomosti. According to the regulator's chairman, the benefits from massive schemes have been offset by rising property prices, so the focus should shift from cheap mortgages to affordable housing. The way to reduce market rates lies in low inflation, and future benefits should be carefully targeted, Kommersant notes.