Every tenth Russian a new property called default

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Photo: Oleg Karsaev / “Kommersant”

Level deathnote among the residential projects under construction in Russia currently stands at 7-10 percent. On Tuesday, December 4, said Deputy Minister of construction, housing and utilities Nikita Stasyshyn, reports RIA Novosti.

The official spoke at a meeting of the state Duma. He reminded that in Russia already for 16 years has a mechanism of shared construction of housing. According to Stasyshyn, the construction cycle of a residential project equal to 2,5-3 years, and in the country at the same time erected about 136 million square meters of housing.

“The level deathnote [construction projects] is 7-10 percent. Hypothetically, now that we’ve identified… will be completed in about three to four years”, — quotes the Deputy Minister of the Agency.

Statesin noted that Russia is the reform of the system of shared construction, aimed at preventing defaults. In this case, suggested the official, residential projects started prior to tightening the rules of conduct of construction activities will be completed in five years.

New rules for developers, which provides the transition from equity to project Finance, operating in Russia since July 1, 2018.

In September 2018 Statesin advised Russians not to postpone home purchase in anticipation of lower mortgage rates. Two years before that, he predicted growth of real estate prices in Russia, then the Federal Antimonopoly service sent him a warning. The distribution of this forecast is classified as an action that could lead to the violation of the Antimonopoly legislation.

Video, photo All from Russia.

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