Updates on the Demand for Housing in Russia
Austin, TX - (ZPRYME NEWS) – 05/14/08 - In Russia, houses are considered old and have exceeded their service life. Housing constructions are slow despite the reforms introduced in the 1990s. According to Washington Post, Russia’s actions included tariffs, de-monopolization, modernization and high levels of services. The Washington Post said that the Fradkov government was not pleased with the progress.
Housing project is still a priority in Russia because this will help people live in better housing conditions as well as increase the labor supply. According to Euromonitor, “The government is planning to invest on a large scale in upgrading Russia’s run-down stock of municipal housing, while also promoting growth of the private housing.” Russia’s housing stock is not enough to meet housing needs. In the year 2006, the population of 141.1 million had 53 million households and the housing stock rose to 49.8 million units. For more statistics about this, check out Euromonitor.
Danya Cebu was contracted to make houses in Russia. It already built three high-rise projects and numerous apartment units in Russia. Lately, Danya Cebu and other partners are investing in a housing project in the City of Perm, the investment totals up to around $400 million. According to Haarzet, “Danya Cebus was working on finding other development projects in Russia-Moscow, St. Petersburg.”
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Zpryme: Emerging Markets Group
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Tags: Housing Residential Demand, Housing Residential Regions, Russia Housing, Russia Housing Demand