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The coronavirus (COVID-19) outbreak, which was aggravated by a drastic reduction in oil prices, led to a significant devaluation of the Russian ruble in March 2020. Consequently, in the view of a possible interest rate increase on mortgage loans, a notable demand growth on real estate was recorded countrywide. The estimated average demand increase in 2020 relative to 2019 was measured between 12 and 15 percent.

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