Russia: Russian Government to Support Residential Housing Construction

[inspic=277,left,,]The Russian Government is ready to maintain the volume of completed residential construction in 2009 at the same level at which it stood last year – 63 million m2. Public officials even expect that last year’s level could be exceeded by 4 million m2. Officials are developing a range of measures to support the construction industry, and some steps have already been taken – for example €2 billion was spent on purchasing housing for the military last year, and a further €4.7 billion will be allocated this year. Analysts doubt, however, whether such a goal can be achieved given the lack of credit resources.