Real Estate Market in the Russian Federation in Q1 2013
Russian Economic Developments. Moscow, 2013, No. 7, pp. 38-41
4 Pages Posted: 1 Aug 2013
Date Written: July 31, 2013
126,100 apartments covering a total of 10.4 million square meters floor space were constructed in Q1 2013, accounting for 106.5% against Q1 2012. Average actual cost of construction of 1 square meter in the housing total floor space increased 7.89% in Q1 2013 vs. Q1 2012 and amounted to Rb 34,920. The ratio of the price of 1 square meter of residential floor space in the total floor space in the primary housing market to the cost of construction of 1 square meter of the residential floor space increased by 0.85 p.p. over the same period and stood at 139.75%. State registration of land title for individuals (1,243m title deeds) increased 6.24% in volumes in Q1 2013 vs. Q1 2012. 211480 housing mortgage loans (HMLs), Rb 341,0bn, were issued from January to April 2013, showing an increase of 27.52% vs. April 2012. In April 2013, monthly growth in the weighted average interest rate on ruble HMLs gave way to a decline for the first time since November 2011. The interest rate decreased 0.3 p.p., falling to 12.6%.
Keywords: Russian economy, Russian real estate market
JEL Classification: G21, K11, L74, L85, R14, R21, R31, R52
Suggested Citation: Suggested Citation