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The acute phase of Russia's property crisis can trace its roots back to 2020, a time when the government introduced a preferential mortgage program aimed at propping up the construction sector during the COVID-19 lockdowns. This initiative effectively held mortgage rates down despite the Central Bank's efforts to combat rising inflation. By offering low monthly payments, the program transformed into an immensely popular tool for Russians seeking home ownership. In fact, more than a quarter of all mortgage loans issued last year were linked to this scheme.