Property prices in Moscow are continuing to fall and becoming more realistic after stunning increases of up to 90% in 2006.
The Moscow real estate market is one of the most expensive emerging markets in the world but now there are signs that prices are dropping,' said Nuri Katz, the president and chief executive of
Friday, May 22, 2009
Sunday, May 17, 2009
Police search offices of super-developer SU-155
Representatives of the Russian Interior Ministry’s investigative committee and department of economic security conducted a search of the three of the
Monday, May 11, 2009
Putin Puts Property Tax Reform Back on Agenda
Prime Minister Vladimir Putin has revived the idea of introducing a unified property tax, which would help local governments with funding during the crisis and noticeably knock down prices for expensive housing.
The government committee on budget planning decided to speed up the introduction of a local real estate tax, Putin said last week, Prime-Tass reported. He said the new tax would replace those on property and land and that it should significantly increase revenue for city governments - not because it will be higher but because it will be progressive. Owners of expensive real estate and large tracts of land will pay more, whereas those with "modest property" will pay a discounted rate, Putin said.
Currently, there are separate taxes for land and the buildings on it, going to either the local or regional budgets.
The government committee on budget planning decided to speed up the introduction of a local real estate tax, Putin said last week, Prime-Tass reported. He said the new tax would replace those on property and land and that it should significantly increase revenue for city governments - not because it will be higher but because it will be progressive. Owners of expensive real estate and large tracts of land will pay more, whereas those with "modest property" will pay a discounted rate, Putin said.
Currently, there are separate taxes for land and the buildings on it, going to either the local or regional budgets.
Tuesday, May 5, 2009
Turkey in limelight at Moscow real estate fair
Hosting large companies from several countries, including Bulgaria, Spain, Morocco, Italy, Greece, Croatia and Egypt, the show saw the highest interest in Turkish companies' stalls. Atlas, Avalon, Azpo Properties, Atakons Construction and Sultan Homes were some of the companies from Turkey that sell real estate in Antalya, the favorite vacation destination of Russians.
A representative from Atlas Gayrimenkul, a Turkish real estate company, said demand was high despite the financial bottleneck due to the current global economic turbulence. "Compared with many other countries, there is increasing demand in the Russian real estate market. The prices here are almost the same as in other markets and Russians expect to invest in profitable areas. They also want to get rid of a crisis mentality," he noted, adding, "We construct smaller houses to meet as much demand as we can."
A representative from Atlas Gayrimenkul, a Turkish real estate company, said demand was high despite the financial bottleneck due to the current global economic turbulence. "Compared with many other countries, there is increasing demand in the Russian real estate market. The prices here are almost the same as in other markets and Russians expect to invest in profitable areas. They also want to get rid of a crisis mentality," he noted, adding, "We construct smaller houses to meet as much demand as we can."
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