A veteran of the Russian housing market, Finnish builder and developer YIT has started two major residential projects in Russia.
Located in Rostov-on-Don and Yekaterinburg, the schemes are together worth nearly €30m and will comprise more than 500 apartments combined, the company announced yesterday.
The projects will be completed by the end of 2017.
In Rostov-on-Don, YIT’s Aquamarin development is located in the city’s historical centre along the Don river. This project will comprise two buildings with over 220 apartments with total living area of around 10,600 square metres, including commercial space.
In Yekaterinburg, YIT has begun the second phase of the Manevrovaya development in Sortirovka. It will consist of 280 apartments, with total living area of approximately 12,000 square metres, YIT said.
Active in the Russian construction market since Soviet times, YIT saw 2014 revenues from its Russian housing operations dip to €474m from €496 in 2013. But at the same time it enjoyed record growth in housing starts and sales last year.
In its 2014 annual review it said geopolitical tensions and a falling ruble had made investment in property more attractive to Russians.
Photograph: The Russian city of Rostov-on-Don, location of one of YIT’s latest housing developments (Irishka1990/Wikimedia Commons)