Denis: New Home Owner

Denis, an IT engineer, said the biggest event of his life in 2014 was buying a flat, a near decade-long dream. I asked if he took a mortgage. He said no because – as he put it – he didn’t want some banker hounding him and ripping him off for the next 20 years. Russian mortgage rates are around 12-14%, so it is a burden. Denis said the ruble weakness was a problem as inflation is outpacing wages increases. ‘I am earning more, but have less left over.’