How Vladimir Putin created a housing bubble
Prices have risen by 172% in Russia’s biggest cities over the past three years

Mortgages used 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. In 2003, during his first term, he explained that mortgages might help solve “the acute problem of housing” facing Russians. His plea fell on deaf ears.
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “War and prices”
Finance & economics July 27th 2024
- The rich world revolts against sky-high immigration
- Donald Trump wants a weaker dollar. What are his options?
- Revisiting the work of Donald Harris, father of Kamala
- How Vladimir Putin created a housing bubble
- Why is Xi Jinping building secret commodity stockpiles?
- Why investors are unwise to bet on elections
More from Finance & economics

The stockmarket rout may not be over
As investors pause for breath, we assess what could turn a correction into a crash

Why Japanese stocks are on a rollercoaster ride
Volatility in global markets continues

Why Japanese markets have plummeted
The global rout continues, with the Topix experiencing its worst day since 1987
Swing-state economies are doing just fine
They would be doing even better if the Biden-Harris administration had been more cynical
Can Kamala Harris win on the economy?
A visit to a crucial swing state reveals the problems she will face
Why fear is sweeping markets everywhere
American and Japanese indices have taken a battering. So have banks and gold