Real Estate, Development, Construction

Playing an essential role in the national economy, the construction sector engages in the reproduction of capital assets; development and improvement of the social infrastructure; reconstruction, modernization, re-equipment of production.

The real estate market and its level of development are indicative of the national economy’s condition. Immovable property, with its twofold function of a means of production and a personal consumption item used for dwelling, recreation, or engaging in cultural activities, is central to any social order.

In January-September 2009 investments in non-financial assets amounted to 3,645.3 bln rubles. Over the same period, the Russian economy received 5,000.9 bln rubles as investments in property, plant, and equipment. Investments in buildings (excluding residential) and structures accounted for 54.8% of that figure, investments in housing — 6.1%, other investments — 31.1%. 386.5 thousand apartments were built with a total area of 35.0 mln square meters — 0.6% down from the same period a year earlier. Residential buildings built by the public using their own or borrowed funds represented 54.6% of the total residential space commissioned (against 51.4% in January-September 2008).

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