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construction volumes in Russia 2009 Q1
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Quarter One '09 Construction Volumes Still Grow in Russia

News   |   Construction
Sun, 05/04/2009 - 14:00

According to the recent statistics released by the Russian Statistic Committee, the volume of construction of real estate for private use grew by 2.4 per cent YOY during quarter one, 2009. Total construction of new flats reached 114.4 thousand that equates to 10.4 million sq. m. across the Russian Federation.

Throughout the first quarter of 2009, the results demonstrate growth in absolute terms, but in contrast the growth of real estate construction is decelerating. The reduced pace of construction growth in Tumen, Bashkir, Rostov and Krasnodar regions saw a reduction of 20.1, 20, 11.3 and 1.6 per cent respectfully.

Regional Split by Construction Volumes (Russia), 2009

Gravitas Research _ Construction volumes in Russia 2009 _  Russian construction industry market research

Such decline reflects on the general cooling of the Russian economy and worsening consumer expectations. As Russians feel more vulnerable to the economic crisis, private investments into real estate are expected to reduce further in 2009.

Despite a 2009 negative forecast for the overall construction market in Russia, in the first quarter, construction of the real estate from private investments (savings + mortgages) increased by 2.6 per cent compared to the same period in 2008.

Private vs Public Construction Volumes, Shares and Dynamics (Russia), 2008-2009

Gravitas Research _ Construction volumes public vs private use in Russia 2009 _ Russian construction industry market research

In total, private construction reached 5.46 million sq. m. of new real estate or 52.5 per cent of the total average construction in Russia. At the same time, some regions of the Russian Federation such as the Republic of Tyva, Kabardino-Balkariya and Chechnya Republics, Amur and Tula Regions, construction finance relied purely on private sources.

To find out more, contact Gravitas Research analytics team

 About Gravitas Research:
Gravitas Research is a specialized market research and consulting company, headquartered in London, UK. We publish premium market research reports, business analytics and industry analysis of the Russian, CEE and CIS industries and markets

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