Russia's 17 largest agglomerations form 38% of its GDP. In these areas, 42% of the country’s housing is being built by skilled workers, who are likely to be attracted by a high standard of living. One of the main challenges for the development of the housing sector is the available housing stock that doesn't meet the current requirements of the population. Most of the housing stock (over 60%) was built during the Soviet era. According to various estimates, 700-800 million square metres of new housing will be built between 2018 and 2024. Half of it will be built in cities and agglomerations.