The commercial television network MTV3 reported on Wednesday that certain politicians of the Moscow Kremlin are backing up the St. Petersburg-based businessman and investor Denis Fokin, who is conducting business negotiations relating to some properties in Central Finland.
The programme 45 minuuttia (”45 Minutes”) named as one of the supporters Leonid Reiman, the former Minister of Communications and Information Technologies of the Russian Federation. Currently, Reiman is acting as President Dmitri Medvedev’s adviser.
Tuesday, November 25, 2008
Sunday, November 23, 2008
Foster's Russia Tower falls victim to credit crisis
The British architect Norman Foster became the latest high-profile victim of the global economic crisis yesterday when developers in Russia said they were scrapping plans to build his design for Europe's tallest skyscraper.
Moscow's 600-metre high Russia Tower, which was supposed to dwarf Canary Wharf in London, would no longer be constructed, real estate magnate Shalva Chigirinsky said. His firm had run out of money, he admitted.
"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told Reuters last night, adding that since the financial crisis in the US it was impossible to get any credit.
Moscow's 600-metre high Russia Tower, which was supposed to dwarf Canary Wharf in London, would no longer be constructed, real estate magnate Shalva Chigirinsky said. His firm had run out of money, he admitted.
"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told Reuters last night, adding that since the financial crisis in the US it was impossible to get any credit.
Wednesday, November 19, 2008
Major Projects Boost Local Warehouse Scene
Rental rates for quality warehouse facilities in St. Petersburg remain unaffected by the global credit crunch, according to recent market research conducted by Colliers International, the international real estate consultancy. The triple net rental rates for Class A and B facilities in Russia’s second city are estimated at approximately $120–$140 per square meter per year and $110–$120 per square meter per year, respectively.
In the first half of 2008, more than 480,000 square meters of high-quality warehouse facilities were in operation, giving an increase to the total area of 27 percent or about 142,000 square meters (including logistics complexes and commercial warehouses, and excluding private facilities and freezers). In the second half of 2008, more than 600,000 square meters of new facilities are due to open, all of which have been announced as A grade.
In the first half of 2008, more than 480,000 square meters of high-quality warehouse facilities were in operation, giving an increase to the total area of 27 percent or about 142,000 square meters (including logistics complexes and commercial warehouses, and excluding private facilities and freezers). In the second half of 2008, more than 600,000 square meters of new facilities are due to open, all of which have been announced as A grade.
Tuesday, November 11, 2008
Rents Heading Lower, But Not for Everyone
Hard on the heels of a falling ruble, house and apartment rents in some segments of Moscow's real estate sector are trending lower as troubles mount in the country's financial markets and the dollar reasserts itself as the world's reserve currency.
"Some landlords of elite-class apartments have lowered rent by as much as 30 percent," said Andrei Sado, director of apartment rental at Penny Lane Realty.
"Demand is low, and telephones are not ringing."
Sado said owners of elite-class apartments in the $6000 to $16000 range have proved particularly vulnerable, with most reducing rent by between 20 percent and 30 percent in the past few weeks.
"This is a reflection of the depreciating ruble magnified by the financial crisis and the customary panicky reaction of market players," Sado said.
"Some landlords of elite-class apartments have lowered rent by as much as 30 percent," said Andrei Sado, director of apartment rental at Penny Lane Realty.
"Demand is low, and telephones are not ringing."
Sado said owners of elite-class apartments in the $6000 to $16000 range have proved particularly vulnerable, with most reducing rent by between 20 percent and 30 percent in the past few weeks.
"This is a reflection of the depreciating ruble magnified by the financial crisis and the customary panicky reaction of market players," Sado said.
Friday, November 7, 2008
Property show to bring Russia, UAE together
The Russian real estate market attracted a record investment of $4.2 billion last year. With the global financial crisis wreaking its havoc, however, the market has dramatically slowed. Some projects have even been put on hold. So part of the conference will be devoted to the Russian market.
Another section will focus on international markets, particularly in Panama, Thailand, Bulgaria and the UAE. The moderator Pier Cassani was keen to point out the similarities between Russia and these countries.
"Both the UAE and Russia are promising markets in terms of real estate development," he told The Moscow News.
Russian developers already enjoy a major presence in the Middle-East. Dawood Al Shezawi, managing director of Strategic Marketing and Exhibitions, appeared confident this will strengthen.
Another section will focus on international markets, particularly in Panama, Thailand, Bulgaria and the UAE. The moderator Pier Cassani was keen to point out the similarities between Russia and these countries.
"Both the UAE and Russia are promising markets in terms of real estate development," he told The Moscow News.
Russian developers already enjoy a major presence in the Middle-East. Dawood Al Shezawi, managing director of Strategic Marketing and Exhibitions, appeared confident this will strengthen.
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