Total Area: 17,098,200 km²
GDP (in billion USD): 1,850
Russia or, also officially known as the Russian Federation, is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects.
The housing sector underwent vigorous privatization in the 1990s, and there was a decline in state-supported construction. Many renters were offered title to their units for free, though many older Russians decided to forego the necessary paperwork and continued to rent. Nevertheless, by the mid-1990s more than half of Russia's housing was privately owned, with the remainder administered by municipal authorities. Conditions improved considerably in owner-occupied housing, as the owners in apartment buildings were able to ensure the enforcement of maintenance rules, but public housing, owing to a lack of funds from local authorities, continued to deteriorate.
In the 1990s many of the housing shortages characteristic of the Soviet period disappeared, and the floor space of homes per person steadily increased, largely the result of a construction boom for private homes. For example, the construction of private housing tripled in urban areas and nearly doubled in the rural areas. However, there were sharp declines in the construction of public housing, particularly in rural areas.
During the year to end-Q1 2012, the price index for all resale apartments in Russia rose by 7.88% (3.86% inflation-adjusted), the fastest annual growth since Q1 2009, based on figures released by the Federal State Statistics Service (Rosstat). In Moscow, the capital, the price index for resale apartments increased by 4.02% (0.15% inflation-adjusted) in Q1 2012 from the same period last year. On the other hand, in St. Petersburg, the country's second largest city, the price index for resale apartments dropped by 0.74% (-4.43% inflation-adjusted) over the same period.
In 2011, the total area of residential housing constructed in Russia increased 6.7% to 62.3 million sq. m. from the previous year, based on figures from Rosstat. The total area of housing stock in the country was about 3.3 billion sq. m. in 2011.
According to the Land Code of 2001, private ownership of land properties is allowed for both locals and foreigners. The legislation was extended to Moscow in January 2006.