«We are only formally starting our Academic construction project today. In fact, things got going as early as two years ago, but this is the time for the project to be transferred from paper to soil», Mayor of Yekaterinburg Arkadiy Chernetskiy announced in the course of the solemn opening ceremony devoted to the start of construction in Yekaterinburg’s future Academic district.

The Mayor said no construction projects exceeding 1 million square meters in scale had ever been implemented in Yekaterinburg or Sverdlovsk (as it was previously called), whereas the new project provided for 9 million square meters of housing and 13 million square meters of real estate altogether.

«So far, we’ve gone through the most difficult stage - the stage of doubts, and we have now moved on to the technical implementation of the project we’ve designed», Mr. Chernetskiy said.

As regards the prices, the Mayor noted that they tended to go down given the increased demand.

«The greater the demand, the lower the prices. We believe prices will come to something like 50,000 RUR per one square meter of housing», he said.