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Russian Construction Ministry expects growth of real estate prices in 2017

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Russian Construction Ministry expects growth of real estate prices in 2017

In 2017, the prices for Russian real property will gradually grow, a Deputy Minister of Construction, Housing and Utilities of Russia, Nikita Stasishin, said at a press conference on Thursday.

“There will be no decline in prices any more. The prices of a square meter of housing will gradually go upwards and this is not bad,” concluded 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.  

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

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