According to an Alfa-Bank analysis entitled "Mortgage growth as an accelerator of retail lending", the Russian retail lending market grew 91% in 2006 to $78.4 bln, equal to 8% of GDP. Within this figure, the highest growth rates were demonstrated by mortgage lending.

In 2006, the volume of retail lending tripled to a current $12.4 bln (1.3% of GDP), compared to $4.0 bln in 2005. Meantime, auto lending to individuals increased to only $9.0 bln with an 11% market share.

According to Alfa-Bank's Chief Economist Natalia Orlova, "Mortgage lending growth surged in the second half of 2006 as a result of slower growth in real estate prices. We believe that real estate prices will continue to rise moderately in 2007, which should support the mortgage lending market".

Orlova notes that over the past year the share of specialized retail products in the market grew significantly. Mortgage and auto loans now account for 27% of the individual lending market, whereas in 2004 this figure was just 15%.