Construction sector in Russia 2008 offers readers a comprehensive presentation and analysis of the current market for the major categories of construction in Russia. This second edition publication examines market conditions by segment, providing data and analysis for engineering, non-residential and residential construction in precise, relevant detail. General economic data is furnished, along with financial and investment information particularly useful for those with business interests in the region.
Additional features of this useful and timely document include construction market forecasts that cover the coming three year period to 2011, and profiles of Russia’s largest and most successful construction companies.
Report overview Macroeconomic conditions have a direct influence on all market sectors, and construction is no exception. Construction sector in Russia 2008 covers all the most important economic indicators, including:
gross domestic product
levels of investment
foreign direct investment (FDI)
inflation and exchange rates.
Complete knowledge of prevailing conditions in the construction sector at large is essential to planning a profitable business strategy. This report presents current data and forecast trends, with particular emphasis on:
market volume and output
prevailing rates of employment and wages
major construction companies and business confidence in the market
cement production
construction taxes
investment technicalities
taxes related to the conduct of business in the Russian construction sector.
The Russian infrastructure is slated for renovation and development in a number of key areas. Learn about projects – both proposed and underway – in these areas:
roads network
railway expansion and new construction
airport expansion and new construction
environmental development projects
pipeline network expansion
power generation and energy production projects.
Non-residential construction reflects economic expansion in Russia as additional investment fuels new businesses with a need for larger and more technologically updated facilities. Construction sector in Russia 2008 provides the latest information on:
the market for modern office space
retail trade and services facilities
the market for innovative warehousing spaces
construction of hotels.
Residential construction represents an expanding segment of the Russian construction sector. Market statistics and forecasts indicate plenty of potential for new growth. This report reveals the latest data on:
current housing stock available
the number of new housing units planned for the near future
price ranges of new homes
residential construction development programmes.
This report is an essential information resource for:
top managers of construction companies active in the region
strategic planners and executives of firms considering entering the Russian market
companies engaged in construction and those in production and distribution of building materials in the region
architectural and consultancy firms interested in this market
developers interested in the Russian market
road and construction equipment producers
commercial and investment banks
REITs (Real estate investment trusts) and investment funds.
Table of contents:
Methodology
Executive summary
Macroeconomic overview
Gross domestic product
Investment
Inflation and exchange rates
Construction market overview
Introduction
Construction output
Construction output by region
Market forecast
Employment and wages
Construction companies
Business confidence in construction
Taxes
VAT and CIT
Land tax
Land tax rates in Moscow
Effective tax rate in construction
Prices in construction
Building materials
Market overview
Production
Prices
Cement market
Civil engineering
Overview
Road network
Planned projects
Public-Private Partnership in Russia
Railroad network
Major projects
Underground network
Airports
Overview
Major projects
Energy
Natural resources
Electricity production and consumption
Gas and oil extraction
Pipelines
Electricity
Non-residential construction
Introduction
Commercial property market overview
Office property
Retail property
Warehouse property
Hotels
Residential construction
Housing stock
Construction of housing
Residential construction in regions
Individual residential construction
Repair and renovation
Housing construction costs
Housing prices and sales
Company profiles
Appendix – Investing technicalities
List of graphs
List of tables
About PMR
Contact PMR
List of graphs and Tables:
List of graphs
GDP growth in Russia (%), 2000-2011
Total floor space of residential space completed in Russia (million m2 and %), 2001-H1 2008
Construction output in Russia (€ bn and y-o-y growth), 2004-H1 2008
GDP growth in Russia (%), 2000-2011
Fixed capital investment in Russia (%, y-o-y), Q1 2006-Q2 2008
Fixed capital investment in Russia (%, y-o-y), 2004-2011
Foreign direct investment in Russia ($ bn), 2005-2011
Consumer price index in Russia (%, December to December), 2000-H1 2008
EUR/RUB and USD/RUB exchange rates, 2006-2008
Construction output in Russia (€ bn and y-o-y growth), 2004-H1 2008
The value of construction work contracts signed and other construction orders (RUB bn), January 2007-August 2008
Backlog of orders in the construction sector, 2006-2008
Construction output in January-December 2007 (RUB bn), in best performing subjects of Russian Federation
Change in construction output in January-December 2007 (y-o-y), by subjects of Russian Federation
Construction output in January-June 2008 (RUB bn), in best performing subjects of Russian Federation
Change in construction output in January-June 2008 (y-o-y), by subjects of Russian Federation
Construction output growth in Russia (%, y-o-y), 2006-2011
Construction output breakdown in Russia (%), by segments, 2007-2011
Number of employed in construction industry in Russia (’000), 2005-2007
Average monthly wages in Russia, by industries (€), 2006-2007
Number of construction companies in Russia, 1990-2006
Changes in the index of business confidence in the construction industry in Russia (%), 2005-2008
Average capacity use rate in the Russian construction industry (%), 2000-2008
Main barriers to doing business in the Russian construction sector (% of all construction enterprises), Q4 2007-Q2 2008
Producer price indices in construction in Russia (%, December to December), 1997-2007
Production of building materials and machinery in Russia (y-o-y change), 2
and H1 2008
Inflation in building materials in Russia (y-o-y), July 2007-July 2008
Production of cement in Russia (million tons), 1970-H1 2008
Cement market volume in Russia (million tons), 2001-2007
Technical and economic indicators of cement production in Russia, 1970-2006
Density of paved public roads in Russia’s federal districts (km/1,000 km2), 2000-2007
Number of civil airports in Russia, 1992-2007
Investment in airport expansion and development in Russia, 2000-2006
Electricity generation in Russia (billion kWh), by source; share in total electricity generation, 2007
Electricity consumption forecast up to 2020
Office, shopping centre and logistics property yields in Moscow and St. Petersburg, H1 2008
Office space supply in Moscow (million m2), 2000-2008
Breakdown of demand for office space in Moscow, 2007
Office space supply in St. Petersburg, by class (’000 m2), 2005-H1 2008
Breakdown of demand for office space in St. Petersburg, H1 2008
Office rents in St. Petersburg ($/m2/month), 2005-H1 2008
Shopping centre area in Moscow (’000 m2), 2001-2008
Retail space supply in St. Petersburg (’000 m2), 2000-2008
Breakdown of operational retail facilities by total area, year-end 2007
Warehouse area in Moscow (million m2), 2002-2008
Breakdown of demand for warehouse space in Moscow, 2008
Breakdown of demand for warehouse space in St. Petersburg, H1 2008
Total hotel room stock in Moscow (number of rooms), 2004-Q1 2008
Average price per room in Moscow hotels ($), 2004-2008
Total hotel room stock in St. Petersburg, 2005-H1 2008
Per capita housing space in Russian federal districts (m2/capita), 2000 and 2007
Share of dilapidated housing in total housing stock in Russia, by federal districts (% of total), 1995, 2000 and 2006
Total floor space of residential space completed in Russia (million m2 and %), 2001-H1 2008
Total number of housing units built in Russia (’000 units and %), 2002-H1 2008
Average size of housing units commissioned in Russia, including those built by individual builders (m2), 1995 and 2000-2007
Construction of housing units in Russia, by number of rooms (% share), 2000-2007
Residential construction in Russia, by leading regions, 2007
Total floor space completed in leading regions of Russia (’000 m2 and y-o-y growth), H1 2008
Total floor space of detached houses built by population in Russia (million m2 and %), 2001-H1 2008
Total number of detached houses built by individuals in Russia (’000 units and %), 2001-H1 2008
Individual construction of housing space as proportion of total housing space completed in Russia, 1996-H1 2008
Individual construction of housing space as proportion of total ousing space completed in Russia’s federal districts, H1 2008
Individual builders’ funds in Russia (RUB bn), 1999-2007
Services of repair and construction of residential and other buildings rendered to population (RUB bn and y-o-y growth), 2005-2007
Housing space repaired or renovated in Russia (million m2), 1995 and 2000-2007
Average prices of dwellings on the primary and secondary market in Russia (RUB, end of period), 1998-H1 2008
Increase in average prices of dwellings on the primary and secondary market in Russia (%, end of period to the end of the preceding year), 1998-H1 2008
List of tables
Real GDP growth in Russia, by industry (%, y-o-y), 2005-Q1 2008
Contribution to GDP of various sectors of the economy in Russia (% of total), 2005-Q1 2008
Basic indicators of economic development in Russia (%, y-o-y), 2006-H1 2008
Breakdown of fixed capital investment in Russia (%), 1998-2007
Breakdown of fixed capital investment in Russia, by federal districts (%), 2007
Number of active construction companies in Russia, by form of ownership, 2000-2006
Construction companies with up to 100 employees in Russia as a percentage of the total number of companies, 2000-2006
Categories of construction company operations in Russia, Q2 2008
The budget for the programme “Modernisation of the Russian Transport System” (RUB m), 2008-2010
Assessments of future changes in the major indicators which describe the activities of construction companies in Russia, Q2 2008
Capacity use rate of construction companies, by company size, Q2 2008
The number and production capacity of new facilities producing building materials in Russia launched in 2007
Production of basic building materials in Russia, 2006-2008
Increase in producer prices for selected building materials in Russia, June 2008
Producer prices for selected building materials in Russia, June 2008
Average prices of basic building materials purchased by construction companies in Russia (RUB, end of year), 2000-2007
Budget for the programme “Modernisation of the Russian Transport system” (RUB m), 2008-2010
Length of transport routes in Russia (recorded at the end of each year; ‘000 km), 1992-2007
Commissioning of hard-surface motor roads in Russia, 2006-2007
Projects scheduled as part of the federal program, Development of Russian Transport System 2010-2015. sub-programme: Automobile Roads 55-
Expenditure required for the implementation of the 2010-2015 road development programme in Russia (RUB m), 2010-2015
Target indicators of the 2010-2015 road development programme in Russia (end of the year), 2009-2015
Main PPP projects in Russia
PPP participant’s benefits
The major projects planned in the Railway Development Strategy in Russia, up to 2030
Airport development projects to be completed in Russia during the period 2008-2012
Sources of finance for RAO UES of Russia Investment Programme (RUB m), 2008-2012
Value of thermal power plant projects in Russia (RUB m) to be implemented within the framework of the Investment Programme for 2008-2012
The list of hydroelectric stations projects to be implemented by the company HydroOGK under the Investment Programme (RUB m), 2008-2012
Investment programme of the FCK UES (RUB m), 2008-2012
Non-residential buildings completed in Russia, 2006-2007
Non-residential buildings completed in Russia: total number and floor space, 2004-2007
Major office projects completed in Moscow
Key office projects completed in St. Petersburg, H1 2008
Selected office projects to be completed in St. Petersburg by the end of 2008
Major retail facilities opened in Moscow, H1 2008
Major retail facilities to be opened in Moscow, H2 2008
Rental rates in Moscow’s shopping centres, Q1 2008
Major warehouse projects put into operation in Moscow area, H1 2008
Major warehousing projects planned for completion in Moscow area, H2 2008
Major warehousing projects planned in Moscow area announced in H1 2008
Rental rates in the Moscow Province warehouses, depending on distance to the MKAD ($/m2/year), H1 2008
Hotel segmentation in St. Petersburg, H1 2008
Housing supply in Russia (millions m2), 1995-2006
Living standards in Russian housing stock, 1995 and 2006
Residential construction in Russia by ownership type, 1995, 2000, 2006 and 2007
Residential construction in cities and rural areas of Russia, 2007
Average actual construction cost of 1 m2 residential space in Russia, 2004-2007
Average prices of residential units on the primary market in Russia (end-year, RUB/m2), 1998-2007
Average prices of residential units on the secondary market in Russia (end-year, RUB/m2), 1998-2007
Increase in average prices of residential units on the primary market in Russia (%, end-year to end-year), 1998-2007
Increase in average prices of residential units on the secondary market in Russia (%, end-year to end-year), 1998-2007
Average prices of residential units on the primary and secondary markets in selected Russian regions (RUB/m2), Q2 2008
Increase in average prices of residential units on the primary and secondary markets in selected Russian regions (%, end-quarter to end-2007), Q2 2008
Largest construction companies in Russia by revenue, 2008
Largest construction companies in Russia by revenue, 2008
Largest construction companies in Russia by revenue, 2008
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Russian construction industry afflicted by the global economy crisis - October 2008
In the second half of 2007 and the emergence of the global credit crisis, property developers began to encounter problems in finding financing for their projects. Banks became more stringent and selective in lending to both corporations and individuals. In Russia, the impact has been less significant than in other CIS countries and this is reflected by the healthy growth figures in the value of construction works completed in 2007 and the first half of 2008.
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