(MENAFN) Vitaly Mutko, the leader of a financial institution dedicated to housing sector development, has stressed the importance of Russia improving its urban planning efficiency and removing bureaucratic hurdles as means to mitigate the increase in home prices. He made these remarks while addressing attendees at the Eastern Economic Forum (EEF) in Vladivostok, where he highlighted that residential property prices in Russia have surged by a substantial 73 percent over the past two to three years. In response to this concerning trend, Mutko called upon the authorities to implement measures aimed at reducing these costs.
“We can talk about the net cost [of housing] but the market should be balanced, supply and demand, first of all. Households’ incomes and their purchasing power should grow as well of course,” Mutko claimed.
Mutko highlighted the existence of a diverse set of strategies and methods that can be put into action to stabilize Russia's real estate market and facilitate a decrease in property prices. Specifically, he proposed the implementation of effective master planning and harnessing the potential of urban planning as key measures in achieving this objective. Essentially, Mutko emphasized the significance of utilizing comprehensive and well-thought-out urban development strategies to address the challenges posed by the rising property prices in Russia.
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