The financial crisis has not spared any of the branches of the Russian economy, but perhaps the hardest hit by the construction. Autumn 2008, when demand fell sharply in both residential and commercial real estate, and banks actually stopped lending to developers was a shock for all of the domestic construction industry. In a protracted jump I must say, the shock has not passed yet. Banks are building with both a high-risk industries and raised the loan rates from 12-15% to 20-25% per annum. To aggravate the situation and the fact that demand for property continues to decline. For example, since the beginning of 2009, demand for offices in Moscow fell by 45% and reached a value of 2002. Sales of new apartments and cottages from the beginning of the crisis have fallen in different regions, at least two to three times (in the Kaliningrad region – just 10 times!).
Demand for warehouse space has decreased by at least 30%. Because of all these factors, many developers company (including such well-known as the afi Development, Horus Capital, kr Properties, Mirax Group) in no hurry to start new projects, particularly in the residential and commercial real estate, and the dates for unfinished objects are moved for an indefinite period. As a result, first quarter of 2009 the national average drop in construction was 19.3% compared to the same period last year. But in many parts of the real decline was much worse – 40-50%. So, now, to build profitable? Many experts in the next couple of years do not see prospects in the first high-yielding areas, as construction of residential real estate business and "premium" classes, as well as office buildings.