Private investment in construction grew by 30 percent in 2016

Private investment in construction grew by 30 percent in 2016
Photo: Photo by the Mayor and Moscow Government Press Service. Denis Grishkin
Investors mostly prefer to invest in office and hotel construction. Hotel investment beat its 10-year record.

Private investment in Moscow construction projects increased by 29 percent in 2016, said Sergei Lyovkin, head of the Moscow Department of Urban Development.

He said the investment totaled 4.5 billion dollars, or 300 billion roubles.

“Eighty-seven percent of real estate built in Moscow last year used private investment,” Lyovkin said.

Office construction projects were ahead in terms of investment growth by 44 percent, and hotels by 17 percent. Investment in hotel construction was at a 10-year high.

Lyovkin also said the authorities approved 12 percent more construction projects last year. “This guarantees that the number of completed construction projects in the next few years will be no less than now,” the official said.