How Vladimir Putin created a housing bubble

He is now having more success—and all it took was a heavy dose of statism, as well as the invasion of a peaceful neighbour. Over the past few years, the number of Russians taking out mortgages has soared, owing to a generous programme of state subsidies for buyers of new-builds. Mr Putin may have got more than he bargained for, however. The state’s subsidy binge has stoked an ultra-hot property market, sending house prices soaring. As such, the Kremlin has found itself picking up a giant and fast-growing bill.