Significant Decline: House Construction Drops by 50%

Significant Decline: House Construction Drops by 50%

According to a report from the Ministry of Construction, the first half of this year saw a significant decline in the construction of commercial housing units. Only approximately 10,000 units were built, marking a 50% decrease compared to the previous half. The report also reveals that there are currently 659 housing projects under development, reflecting a 40% drop. Additionally, the number of projects approved for construction decreased by 70%, with only 23 new projects receiving approval. Moreover, the number of projects approved for public sale decreased by 63%, totaling 30 projects.

The report further highlights a decline in apartment prices, which fell by 6% in the last six months of the previous year. Private houses and land also experienced price reductions, with decreases of 10% and 8-11% respectively. Furthermore, property transactions decreased by 64%, totaling 187,000 transactions. On a positive note, the report mentions that 934 social housing units were successfully built during the first six months, and construction has commenced on nearly 18,800 additional units.

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