OREANDA-NEWS  On 05 December was announced, that the global financial crisis will not affect the implementation of the housing development program in Moscow, Vladimir Resin, first deputy Mayor of Moscow at City Hall, said.

All the projects scheduled to be completed this year, including the infrastructure forming, will be thoroughly implemented. According to the official, Moscow is ready to purchase 500,000 sq m of living area for social purposes in conditions of a possible cut in prices at commercial real estate market, thereby supporting the investors.

Besides, City Hall promises to have not only housing but also kindergartens and recreation centres commissioned by the end of 2008.

“There hasn’t been any reduction in the builders. We are to commission more than 600,000 sq m of living area just in southeast Moscow during December. The development is going on there according to both the order by City Hall and an investment project,” Mr Resin added.