Plenary discussion: Investment in construction and development in Russia in the changed economic situation

March 10 Russian and international real estate market leaders and authorities participated in the discussion: “Investment in construction and development in Russia in the changed economic situation”, held at the stand of St. Petersburg, MIPIM.
Mikhail Men, Minister of Construction, Housing and Utilities of the RF, mentioned that the Russian Government considers supporting construction sector. In particular it is planned to launch a program supporting mortgage lending. The program will come into effect untill the end of this month. Governmental financial support will allow lowering the mortgage rate to 13% per year. Total program value is about 20 billion rubles. This sum will enable to support mortgage lending for more than 400 billion rubles. The Minister added that the mentioned program is not the sole one to support construction sector. There is also the program “Residential property for Russian families”.
Igor Albin, Vice-Governor of St. Petersburg, explained why the city is attractive for national and international investment. According to Mr. Albin, St. Petersburg has long-term and mid-term development strategy: general plan for the city development, strategy 2030 and 17 state programs, based on it. He added that favorable environment for investors is still the priority issue for the government. Vice-Governor named St. Petersburg investment priorities: stable investment legislation, one of the most liberal tax systems in the world. Mr. Albin also mentioned the government is now working on improvement of road map, which will facilitate technical connection to engineering infrastructure.
Anni Sinnemäki, Deputy Mayor, City of Helsinki, shared Helsinki experience in investment attraction. She believes that human resources is the main thing to compete for today. Attraction of young, educated in different spheres people is fundamental for urban development. According to Ms. Sinnemaki, in order to attract young and talented specialists to the city the government has to make urban environment safe and comfortable for children and adults, and transparent for doing business.