Mikhail Menn has revealed what saved the construction sector in Russia in 2015

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Mikhail Menn has revealed what saved the construction sector in Russia in 2015
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The RF Minister of Construction, Housing and Utilities, Mikhail Menn, has spoken at the 11th Russian Congress of Self-Regulatory Organizations in Construction and talked about what saved the construction sector in 2015.

As our special correspondent, Andrey Chernakov, reports from the ground, the Minister reminded those present that when he discussed the perspectives for 2015, there were serious concerns.

However, thanks to the President’s guidelines and a quick response on the part of the government, the program for mortgage interest rates subsidies began functioning.

Thus, since April 2015, when the program started, every third apartment has been bought with the government’s support within the framework of this program. This is what saved the real estate market in Russia, concluded the head of the RF Construction Ministry.

According to him, the final statistics on 2015 will be available at the end of March, but at present, a figure of 83.8m m2 of housing can be disclosed. This is compatible with the records from 2014.

Besides this, commissioning of economy-class housing increased by 12%, and the number of sold apartments by 8%.

This means that the professional community and contractors failed to change their approach to business and shifted to the segments that are in greater demand in these complex economic times, stated Mikhail Menn.