Russia’s real estate prices to grow up in 2017

According to Russia’s Construction Ministry, next year, real estate prices will grow together with growing demand
Russia’s real estate prices to grow up in 2017
27 December 08:23 2016 Print This Article

In 2017, the prices for real property in Russia will gradually grow, Russia’s Deputy Minister of Construction, Housing and Utilities Nikita Stasishin said at a press conference last week, reports TASS.

“There will be no decline in prices any more. The prices of a square meter of housing will gradually go upwards as we are witnessing a gradual growing demand for housing,” said Nikita Stasishin.

According to him, the key issue is to keep housing affordable through diverse mechanisms, including house development cooperatives, Sberbank and the Housing Mortgage Finance Agency (AIZhK) of Russia.

Mr Stasishin explained that a decline in housing prices back in the years 2015 – 2016 was caused by the decrease in household income.

Earlier in 2016, Russia’s Prime Minister Dmitry Medvedeve named urban development one of the priorities for the strategic development of Russia.

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