The head of the Legislative Assembly of St. Petersburg noted the impossibility of renovation programs

Currently, the renovation program in St. Petersburg cannot work fully due to legal restrictions and the economic situation. This was announced to Izvestia on June 19 by Alexander Belsky, Chairman of the Legislative Assembly of the city, as part of the St. Petersburg International Economic Forum (SPIEF-2025).

According to him, the lending rate is too high for developers and people who want to get a mortgage. The implementation of the program in St. Petersburg cannot fully work due to legal restrictions. He added that there are currently no companies in the city that would like to renovate.

"It is impossible to build a point house with 25 floors in St. Petersburg in order to start settling people and move forward, because we are limited by height," Belsky stressed.

Percentage point: developers massively refuse installment payments for housing

Some of them have also begun to reduce the attractiveness of such a product to customers.

On June 9, Russian Prime Minister Mikhail Mishustin signed an order according to which over 2.8 billion rubles will be allocated to finance the federal project "New Rhythm of Construction" in the period from 2025 to 2027. It is noted that the project will continue to reduce the investment and construction cycle and optimize a number of construction procedures.