There has been a significant increase in the amount of housing completed in Russia in recent years, according to PMR’s latest report entitled ‘Construction sector Russia H2 2014 – development forecasts for 2015-2020’.

This year will almost reach the all-time annual completion level of 72.8m sqm recorded in 1987 the report found. Taking into account the fact that 70.5m sqm of housing space was commissioned in Russia in 2013 and promising growth rates recorded during the first eight months of the year, there are now expectations that the total housing space commissioned across the country in 2014 will exceed the record high annual completion level.

Even though the 28.2% year-on-year growth rate in housing construction for the first eight months of 2014 suggests an annual figure in excess of 90m sqm, it is difficult to see that actually being achieved this year, given the slowdown in the Russian construction sector and the economy as a whole since sanctions were introduced. According to PMR, around 70 million sqm of housing space is expected to be activated across the country this year.