The real estate market and construction industry in Russia continue to decline rapidly
In May, apartment sales in russia fell by 15% compared to March, and compared to last year, the collapse reached 40%.
The real estate market and construction sector in russia continue to collapse amidst enormous war-related expenditures, crisis phenomena in the financial sector, which have made mortgages nearly inaccessible for most russians, and the overall decline in the population’s income levels.
Amid the market collapse, construction companies in russia are going bankrupt or incurring huge losses. This has led to a 20% drop in construction rates and, as a result, a reduction in jobs in the industry.
This situation in construction is part of the systemic crisis of the russian economy, which continues to deepen due to the kremlin’s unwillingness to end the war against Ukraine.
