LAUNCH OF NEW HOUSING PROJECTS IN RUSSIA INCREASED BY A QUARTER
The volume of new projects launched by developers in August 2022 is 23% higher than in the same month last year
In August 2022, Russian developers started construction of 3.7 million sqm of multi-apartment housing, which is 23% higher than the same period last year, as reported by the state-owned analytics company Dom.RF.
Within 8 months of 2022, 26.2 million sqm of construction projects were launched which is only 5% less than the same period in 2021, the experts specified.
New projects’ dynamics of entering the market has been uneven since the beginning of this year, Dom.RF states.
In the first months of 2022, the launch volume grew while in March-April it sharply dropped due to uncertainty in demand and construction costs. Then, in June-July, the developers’ activity started to grow again (+34% vs May 2022). Finally, August was the first month in 2022 when developers launched more projects than in the previous year.
Most of new projects were launched in Moscow (4.2 million sqm), Krasnodar region (2.6 million sqm) and Moscow region (2.2 million sqm).
Rostov region leads in terms of launch rates growth: within 8 months of 2022, +36% of housing space was brought to the market (vs the same period in 2021). Primorsky Krai (+35%) takes the second place, in third belongs to Moscow (+32%).
