Georgy Ter-Aristokesyants, the vice president of VTB retail division VTB-24, told the newspaper that the mortgage market will more than double this year to 1.33 trillion rubles.
It was reported last week that Goldman Sachs is set begin investing in Russian development projects and is creating a $4 billion real estate investment fund for Brazil, Russia, India and China, Kommersant. The company, whose global real estate investments total over $23 billion, is planning to invest half of the fund in Russia, several investment bankers told the newspaper.
Industry sources said they had been informally informed that about two-thirds of the funds intended for Russia would be invested in Moscow, with the rest going to St. Petersburg and other cities with populations of more than 1 million, Kommersant said.