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Russia's construction boom revives Soviet-era output with 496K buildings in 2024

A historic construction milestone meets modern challenges. Can Russia balance record output with affordability—and what's next for its booming cities?

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The image shows a sheet of paper with a map of the proposed site plan for a residential...
The image shows a sheet of paper with a map of the proposed site plan for a residential development. The map is divided into sections, each with a different color and labeled with text. The text on the paper provides further details about the site plan, such as the number of buildings, roads, and other features of the development.

Russia's construction boom revives Soviet-era output with 496K buildings in 2024

Russia's construction sector has matched Soviet-era output levels, with 496.7 thousand buildings completed in 2024. A recent meeting of lawmakers and regional leaders focused on keeping housing affordable while improving residential infrastructure across the country.

The discussions also covered strategies for urban growth and the role of local governments in supporting construction projects. The Federation Council meeting brought together key figures, including Speaker Valentina Matviyenko and State Duma Speaker Vyacheslav Volodin. Matviyenko proposed a tiered mortgage subsidy system, where interest rates would drop based on the number of children in a family. She also called on regional lawmakers to prioritise upgrades in housing and public utilities.

Volodin stressed that affordability remains the most important measure of success in construction. He urged cooperation between federal, regional, and local authorities to boost development in smaller towns.

Yury Burlachko, chairman of Krasnodar's Legislative Assembly, highlighted the region's progress in modernising housing and utilities. He praised the Council of Legislators as a useful platform for solving urgent issues and expressed willingness to exchange best practices with other regions.

Official data shows construction activity grew by 2.1% in 2024, following a 9% rise in 2023. Out of the 496.7 thousand buildings finished last year, 475.4 thousand were residential. Participants also examined how regions can sustain growth and improve urban planning strategies. The meeting concluded with a focus on practical steps to maintain housing affordability and expand infrastructure. Krasnodar and other regions will continue implementing reforms, while the tiered mortgage proposal aims to support larger families. Construction output remains strong, but further coordination between government levels will be key to future progress.

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