Minister reveals a new strategy for housing construction in Russia

Minister reveals a new strategy for housing construction in Russia
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Key principles of a new strategy for the housing development in Russian cities have been revealed on Friday by the head of the Ministry of Construction, Utilities and Housing of Russia, Mikhail Menn, who arrived at the IV Yalta International Economic Forum.

The minister has noted that the basis of this strategy has already been elaborated and it is under consideration at the department’s public council. And today, on the sidelines of the forum, Michail Menn has outlined key directions contained in the strategy for the development of housing construction in Russia.

In particular, the task is set to reach the level of 120 million square meters of housing per year by 2024, which is almost double the current figure. At the same time, Mr. Menn has noticed that it is almost impossible to get such a result without state support. Also, the minister stressed the necessity to ensure that at least half of the country's citizens could take advantage of a mortgage, while the rate should fall down to 7-8%.

In addition, the minister has highlighted such important points of the strategy as a phased transition to new principles of housing construction with equity participation as well as encouraging actors of the construction industry to use modern technologies and BIM design.