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IBC Real Estate expects the volume of new construction of shopping centres to grow in 2023 due to commissioning of large projects that are already in the final stage of construction. They forecast that in Moscow 12 shopping centres with a total area of 250,000 square metres will be built and in other regions, shopping centres with a total area of 300,000 square metres will be built, which is 1.6 times more than last year.
About 122,000 transactions with residential and non-residential real estate in new buildings were registered in Moscow in 2022, making a 15.2% y/y decline, RBC business portal reported citing official RosReestr registrar data. According to the Moscow office of Rosreestr, there were 85,000 contracts for new housing closed in 2022, which is 13% less y/y. This confirms previous reports that demand for new housing in the Moscow region declined by 15-20% in 2022. As followed by bne IntelliNews, previously the Kremlin had shown a strong willingness to support mortgages, despite the fallout from the war in Ukraine, and maintained the discounted mortgage rate at 7%. In December 2022 President Vladimir Putin said the state mortgage support programme would be extended until July 1, 2024, with the discounted interest rate increased from 7% to 8%. However, the geography of the mortgage support could revised to be diversified away from Moscow and Saint Petersburg.
Housing construction rates in Russia in 2022 are the best in the country’s history and such pace should be maintained, President Vladimir Putin said on January 11 at the first meeting with Cabinet members in this year.
"Deputy Prime Minister [Marat] Khusnullin and I have recently discussed results of construction sector operations. A good result, simply one of the best in the country, in our history. As regards housing construction, it is probably the best in broad terms," Putin said. "The groundwork has been completed; such pace should be maintained," he added.
Notable positive results should be achieved in developing the road and other infrastructure and public utilities, although the year of 2022 was successful in terms of this aspect, the Russian leader said.
Putin highlighted the need to expanding foreign economic ties and building new logistical corridors. "Actually, we are working proactively in this direction - such activity should continue," he added.
In 2022, Russian citizens bought 16.3 thousand houses and apartments in Turkey, according to the data of the Institute of Statistics of the Republic, which were studied by RBC. This is three times more than in 2021, when the Russians purchased almost 5.4 thousand lots. In general, in terms of the number of transactions, 2022 exceeded the results of the last six years
127 RUSSIA Country Report February 2023 www.intellinews.com