Record figures for unsold primary housing in Russia is not talking about overstocking, but is a sign of a return to balance, the Russian Ministry of Construction said.
Recall that at the beginning of November this year, the volume of unsold housing on the primary market exceeded 71 million square meters, which is 5.4 million square meters more than a year earlier.
The Ministry of Construction told RIA Real Estate agency, commenting on the situation, that according to the Unified Information System for Housing Construction (UISHS) as of November 30, out of 107.3 million square meters of housing under construction 33% or 35.7 million square meters sold. Another 41% is open for sale; sales of 27.5 million square meters in new buildings have not yet started.
“These indicators do not indicate oversupply of the real estate market, but are a sign of a return to balance thanks to the record volume of new launches projects,” the ministry reported, adding that this was preceded by several years of supply shortages.
It is reported that 66% of housing relative to the planned commissioning this year has been sold.
Information appeared earlier that that the State Duma proposed to the Ministry of Construction to install gas sensors in the apartments of Russians during major repairs. However, it is expected that installation costs will be included in homeowners' receipts.