Dynamics of construction industry: slow recovery?

Construction industry in Ukraine started to slow down in the beginning of 2008 before the crisis hit other sectors in the Fall of 2008. That can be explained by the housing bubble -- prices have doubled between 2006 and 2007 and the real estate market was frozen since summer of 2007. There was simply no demand for apartments at such a high price. However, the prices started to adjust only in the second half of 2008 and now there are signs of recovery which can be seen from the following figure that reports a grow in construction since the beginning of a year relative to the same period of the previous year: