The Act concerning the decrease of real estate prices was signed by Vladimir Putin on 29 October. According to this act, the prices of economy-class apartments will decrease by 20 % since the beginning of 2018.
This is already the second act signed by the President to lower property prices and make housing more affordable for Russian families. In 2014, the program “Housing for Russian families” was accepted. According to that program, it was expected to build about 25 million square meters of real estate. In fact, only 1.5 million of square meters were constructed which is only 5% from the total planned amount. The process of construction was very slow and this fact didn’t allow to reduce the prices which, according to experts, have increased by 15% since 2014.
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