Subject In recent years, the housing problem has become one of the most important components of the State socio-economic policy in Russia. The need to improve living conditions of the public, and boosting the demand in the real estate market and housing development are the most important incentives for mortgage lending advancing that explain the relevance of the research. Objectives The study aims at identifying the development prospects for mortgage lending, both at the federal and regional level. To meet the objective, we present a comparative characteristic of the key indicators of the Russian residential mortgage market, and identify the place of the Belgorod region therein. Furthermore, we have revealed major trends, challenges and areas of mortgage lending development in Russia and in the Belgorod region. Methods We used general scientific methods (dialectical logics and synthesis) and empirical research (observation, comparison), when pursuing the research. Results The findings showed that despite the crisis caused by geopolitical factors, Russia has every reason to improve the housing market, and the mortgage lending system may contribute to it. Most of the people in Russia, including the Belgorod region, are ready to take out a mortgage loan to buy housing, however, high interest rates on mortgage loans, low household income, and tight credit conditions of commercial banks preclude those who need accommodation from improving their living conditions. Conclusions and Relevance It is necessary to improve the legal framework for mortgage lending, develop the infrastructure of this market segment, and optimize the terms of mortgage products offering by both commercialbanks and mortgage corporationsimplementing regional mortgage lending programs.
Keywords: housing market, mortgage market, mortgage lending, strategy, development
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