Construction of housing in Russia has stalled

In the country, for the third consecutive month, the volume of housing is decreasing.
The fall in housing construction continues for the third month, but has slowed somewhat compared to May and June. As follows from the Rosstat report, in July the decline was 8.1% - 5 million sq. M. Were commissioned. m of housing against 5.4 million square meters. m in July 2017. Recall, the most significant drop in the rate of commissioning of housing this year was recorded in May - 18.4%. According to the results of the whole year, Minstroy predicts the volume of housing construction at 80 million square meters. m, in 2017 was introduced 79.2 million square meters. m.

Considering the same from the beginning of the year, the industry demonstrates even a slight increase: in January-July, 34 million sq. M. m, which is 1.9% more than for the same period last year. In many respects, the growth in the volume of housing construction, according to "Dom.RF" (formerly the Agency for Mortgage and Housing Lending), is provided by an increase in the volume of individual housing construction (IZHS) - it accounted for more than half of the input (15.3 million of 29 million square meters). The main growth of IZHS was in the first quarter - amid expectations of the end of the program "dacha amnesty", which eventually was extended until 2020. At the same time, according to the Ministry of Construction, this year the share of apartment buildings in the total volume of housing construction decreased: the decline in the index of industrial housing was 13%, which is explained by the slowdown in the launch of new projects in 2015-2016.

In "Dom.RF" count on the positive dynamics of the introduction of apartment buildings (about 50 million square meters per year, which is 8% more than in 2017). This will be due to increased demand for new buildings and lower mortgage rates (the weighted average rate in June fell to 9.48%). In January-July, according to preliminary estimates of "Dom.RF", mortgage loans were issued for more than 1.5 trillion rubles. (an increase of 68% compared with the same period last year).

The volume of construction work performed in July, according to Rosstat, fell by 0.7% compared to July last year. As the service takes into account the increase in prices for construction work, in nominal terms the indicator slightly increased to 704.4 billion rubles. against 676.1 billion rubles. in July 2017. In January-July, the decline was also small - 0.9%, the volume of concluded contracts for seven months was estimated at 3.6 trillion rubles.