Construction: average price of square meter of housing decreased during the year by 1 thousand.

MOSCOW, December 8. Average price per square meter of housing in Russia for the three quarters of 2015 decreased by 1 thousand rubles, and for individual regions for 5-7 thousand rubles this was announced by the Minister of construction and housing Mikhail Men in an interview published on the website of “Komsomolskaya Pravda”.

“For the last three quarters (price dropped) somewhere in the 1 thousand rubles per sq m on average across the country, in the secondary market – a little more. There are regions where the decline in price of 5-7 thousand rubles per square meter”, – said the Minister.

The Minister also noted that for developers it’s time to forget about the excess profits and to operate within reasonable yield. The Minister explained that the overall turbulence in the economy affect the demand of housing, and the task of the office is to stimulate both demand and the construction site.

As previously reported with reference to Deputy Minister of construction Ministry Oleg Betina, on results of year the volume of commissioned housing in Russia will amount to approximately 72 million square meters, which is 11% lower than in 2014. If economic trends continue and the developers will continue to struggle with Bank financing, the decline of new housing by the end of 2016 could reach 20%, says the Deputy Minister.