Economic slowdown affected housing construction plans

April 22, 2016 18:43

On January 14th, the government adopted a regulation envisaging housing construction plans for 2014.

Housing construction volumes were reduced from 6.5 million to 5 million sq. m., the volume of expected investments in the construction by the population were reduced. Reduced funding in the housing construction industry will result in substantial changes in the construction, increase competition among developers, and may increase exports of construction services. Most likely, the reduction in housing construction will have a negative impact on economic growth.