The overall demand for housing in Russia will reach 300m m2 in the near future, President Vladimir Putin said at a session of the State Council on the construction complex’s development, which was held on Tuesday in Kremlin.
According to Mr Putin, the demand comes from by approximately 6 m Russian families. 50% of them are looking to improve their living conditions by means of mortgage loans. In 2013, 61% of Russian citizens were in need of improving their living conditions, compared with 41% today.
The average area of apartments in 2005 was 45 sq. m, whereas in 2015 it was 54 m2. Between 2004 and 2016, five million Russian families improved their living conditions by means of mortgage loans.
In this regard, Vladimir Putin has assigned the job of working out the options of the issuing of mortgage securities, and removing red tape from the decision-making process in the field of land plot allotment for construction.
