According to the Minister for the Development of the Far East and the Arctic Alexey Chekunkov, as quoted by TASS, the implementation of the Far Eastern and Arctic Mortgage program has increased the volume of housing construction in the Arctic regions by 40%.
"The Far Eastern and Arctic Mortgage program...makes housing affordable for young families and preferential categories of citizens, and stimulates the development of the construction industry. Over the full year of the program's operation, the volume of housing under construction in the Arctic Zone of the Russian Federation has increased by 40%," Chekunkov said.
For example, in the Arkhangelsk Region, housing construction has increased by 32%, where 667,000 square meters of housing, or 15,000 apartments, are being built, while in the Yamalo-Nenets Autonomous Okrug (District), the volumes have increased by 40% to 278,000 square meters, or 5,000 apartments. In the Murmansk region, housing construction growth was 1,060%, where 58,000 square meters of housing or 1,000 apartments are being built. It is noted that in January 2024, only one house with 90 apartments was being built in the Murmansk region.
The preferential housing loan program in the Arctic began in Russia on November 1, 2023.
Theodor Lisovoy, Managing Editor, Rough&Polished
