A proposal circulating in official channels suggests integrating Russian-made furniture into mortgage funds when purchasing housing under construction. The idea comes from a senior official who leads the Ministry of Construction and Housing and Utilities, and it has been reported by TASS. The recommendation is to use mortgage resources to cover the cost of furniture that accompanies new homes, with the aim of supporting residents and strengthening the domestic timber industry.
According to the ministry head, including furniture in the housing loan package could lower the overall expense for buyers. This approach would not only ease monthly outlays but also stimulate demand for domestically produced goods. The strategy centers on creating a more seamless, one loan solution for customers while encouraging the purchase of home furnishings from local suppliers.
Industry observers note potential market effects. Maxim Genke, the managing director of a major retail chain, has estimated that the furniture market in Russia could see a cash turnover decline of about 10 to 20 percent by the end of 2023, which translates to roughly 500 to 550 billion rubles. He also pointed out that international sanctions might contribute to a further downturn in the domestic household goods sector, potentially reducing it to 250 to 270 billion rubles.
Earlier in the year, a TASS report citing a study by Progorod indicated that 2022 saw Moscow mortgage lending rise by about 15 percent, with the average loan amount reaching 7.42 million rubles. That trend reflects a growing willingness among buyers to finance home purchases and may influence how additional household items are financed within mortgage products. The broader implication remains that a more integrated financing approach could shape consumer spending patterns and domestic manufacturing demand across the housing and furnishings sectors, even as external factors continue to affect the market.