S&P expect Russian housing market to rebound in 2017

MOSCOW, Jul 5 (PRIME) -- International rating agency Standard & Poor’s (S&P) expects the Russian housing market may start to rebound in 2017, as seen by PRIME in agency’s data on Tuesday.

Sales of most Russian developers are likely to fall 10–15% in 2016, it said.

The country’s housing market will be under pressure due to economic problems this year, although a state program for cut-rate mortgage lending supports demand for housing in Russia, according to the agency.

S&P expects that Russia’s Gross Domestic Product (GDP) will fall by 1.3% in 2016 and start growing in 2017.

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