Russian mortgage applications have spiked thanks to lower interest rates, Russia’s Agency for Housing Mortgage Lending (AHML) reported Monday. Total borrowing is expected to hit 1.5 trillion rubles ($23 billion) by the end of 2016, returning to a pre-crisis high of 1.8 trillion rubles ($30 billion) by the end of 2017. Source: Moskow Times
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Houses in Germany’s cities are overvalued by as much as 30%, the Bundesbank warned on Monday, adding to fears of a housing bubble in Europe’s largest economy after years of ultralow interest rates. Prices for residential real estate rose by 8% last year in 127 cities. Source: MarketWatch
According to Ifo’s research results, a comprehensive agreement between the EU and the Eurasian Economic Community could lead to a 0.2 percent increase in real per capita income in the EU. “These income gains stem from the fact that the economic structures on all sides are highly complementary.” Source: Ifo Institute
Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the website of the Joint Organisations Data Initiative in Riyadh. Source: Bloomberg