From January to October 2022, commissioning of residential buildings in Russia reached 87.82 million square meters of total floor space. This represents a 21.5% increase to the corresponding period of the previous year. In the last month of the reporting period, the dynamics was down by 11%.
The volume of commissioned apartment block construction across Russia is up by 1.8 million square meters (plus 6%), reaching 33.0 million sq. m since the start of the year.
The individual house commissioning volume saw an increase of 13.5 million square meters (plus 33%), amounting to 54.2 million sq. m in the period under review.
Housing construction is considered as major driver of pent-up demand for furniture in a medium to longer term, while growing volumes of mortgage lending in Russia expand the circle of property buyers and shorten the path of consumers to purchase furniture after buying a new house or apartment.
The so-called operational data provided here is a preliminary estimate, made by the Federal Statistical Service of Russia immediately after the reporting period. This preliminary estimate is subject to change once the final annual report is ready and published by Rosstat. The updated numbers and most actual data shall be included into our extended Market Reports.