Half of New Housing Commissioned in Nizhny Novgorod Region Belongs to Economy Class

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According to the regional Ministry of Construction, the amount of housing put into operation in the Nizhny Novgorod region during the first three months of the current year rose by 26.3% compared with the same period last year, reaching 331.3 thousand m². Multi‑apartment housing accounted for 137.7 thousand m², while individual housing accounted for 193.6 thousand m².

The Ministry noted that the greatest increase in housing commissioning was recorded in the regional centre, where the volume grew by 75% compared with the same period last year, reaching 128.4 thousand m². In the rest of the municipal formations, 202.8 thousand m² of housing were commissioned (a 7.3% increase over the corresponding period in 2015).

“During the implementation of residential construction projects, developers are increasing the share of economy‑class housing because this segment enjoys a constant and stable demand among the population. Half of the housing commissioned in the region belongs to the economy class,” the regional Ministry of Construction emphasized.

Earlier it was reported that, according to Rosstat data, the Nizhny Novgorod region, together with Moscow, St. Petersburg and Krasnodar Krai, entered the list of 15 leading regions that provided the largest volume of residential construction in Russia. By the end of the first quarter of 2016, the Nizhny Novgorod region accounted for 2.1% of the total housing commissioned in Russia.

According to the All‑Russian People's Front, the Nizhny Novgorod region, Bashkortostan and Udmurtia topped the rating of informational openness of regions in the housing and communal services sector.

Earlier, during a visit to the Nizhny Novgorod region, Deputy Minister of Construction and Housing of the Russian Federation Andrey Chibis assessed the situation in construction and housing as “good”: “The Nizhny Novgorod region has reasons to be proud in this area. If we look at the program for resettling dilapidated housing, it has been over‑fulfilled both last year and this year. Overall, I evaluate the situation in the Nizhny Novgorod region and its forward movement as quite positive. I would like to note that the pace of resettling dilapidated housing and the measures aimed at attracting private investment are being implemented well in the region.”