Moscow approves construction of 6.3 mln sq m of new homes YTD
Construction of 10 million square meters of real estate was approved by the City and Land Planning Committee (GZK) year-to-date, reported the Head of Moskomstroyinvest Konstantin Timofeev.
“The main construction volume – 6.3 million square meters – is residential space. It exceeds the volume for the same period of the last year by 1 million,” Konstantin Timofeev said
He stressed that housing construction is in high demand among investors.
“In addition, despite numerous talks on reduction of office space market, about 16% of decisions made in the first half of the year concerned construction of administrative buildings,” added Konstantin Timofeev.
According to him, the City and Land Planning Committee has approved construction of 1.56 million square meters of administrative buildings. The most part of it are offices which will serve as new workspaces.
Konstantin Timofeev also said that 640 thousand square meters is assigned for social infrastructure, 570 thousand square meters – for industrial facilities, 440 thousand square meters – for trade and services and 320 thousand square meters – for hotels.
Within a period of 5 years the GZK has approved construction of 118 million of square meters of real estate.