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Construction of new housing in Russia up 25%

The total amount of new housing built in Russia reached 48.2 million sqm over the first nine months of 2014, 24.8% higher than the same period last year, according to a report from the Russian state statistical service Rosstat.

This rise in residential construction complements growth in infrastructure and accommodation spending, as the country prepares to host the football World Cup in 2018 at an estimated cost of $16 billion.

In terms of regional breakdown, from January to September 2014 the largest amount of housing was completed in the Moscow Region, where 9.7% (4.695 million sqm) of the Russian total came into use.

3.509 million sqm was completed in the Krasnodar Region (7.3% of the national total), 2.333 million sqm (4.8%) in the city of Moscow, 2.125 million sqm (4.4%) in St. Petersburg, 1.859 million sqm (3.9%) in the Republic of Bashkortostan, 1.841 million sqm (3.8%) in the Tyumen Region, and a further 1.727 million sqm (3.6%) in Tatarstan.

Builders of ‘individual housing’ (houses not in apartment blocks) finished 167,200 homes covering 22.4 million sqm in the same period, 18.6% more than last year. This helped bring the share of individual house building in all Russian residential construction to 46.5%.

The report also stated that 7.4 million sqm of housing was completed in September alone, which is an 8.8% rise on the amount finished in September 2013.

The figures were released as Russia jumped 30 places to 62nd position in the World Bank’s Doing Business rankings, one place below Greece and above countries such as Croatia, Kuwait and Cyprus.

Source (adapted translation)

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