New buildings went down // Construction volumes decreased in the Moscow region and St. Petersburg
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Among the five large regional housing construction markets, which account for up to 47% of all new buildings being built in the country, at the end of 2022, a decrease in volumes was recorded in the Moscow region and St. Petersburg. In these regions, the decline was 13–16% yoy, partly due to the fact that in the pre-crisis years, local developers inactively replenished their land bank. At the same time, in the markets of Moscow and the Krasnodar Territory, where construction activity was higher, there was a decrease in demand. Developers do not really count on a change in the situation, so at the beginning of 2023 they intend to sell apartments in small batches.
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