January 11, 2010, 12:41, (Property Xpress) - The new investor in Moscow hotels, billionaire Ronald Lauder has made his first appointment in the United Hote ...
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Thursday, January 14, 2010
Wednesday, January 13, 2010
More international visitors this season
If you’ve been hearing foreign languages spoken on the slopes or around town recently, two advertisements that most recently ran in Tuesday’s Aspen Times might help you hone in on what kind of international visitors are here these days.
Ski Brasil, a Brazilian ski tour operator with a winter presence in Aspen, ran an ad on page A4 in Portuguese, reminding its Brazilian clients that it is always available to help with any details of their vacations. And a full-page ad by Joshua and Co. real estate on page A13 tells Russian visitors in their own language, “Let us show you around during your stay.”
The ads show the increasing significance of international business, particularly this ski season when several countries’ currencies are strong compared to the American dollar and many domestic markets are still recession weary.
Ski Brasil, a Brazilian ski tour operator with a winter presence in Aspen, ran an ad on page A4 in Portuguese, reminding its Brazilian clients that it is always available to help with any details of their vacations. And a full-page ad by Joshua and Co. real estate on page A13 tells Russian visitors in their own language, “Let us show you around during your stay.”
The ads show the increasing significance of international business, particularly this ski season when several countries’ currencies are strong compared to the American dollar and many domestic markets are still recession weary.
Monday, January 11, 2010
Recently released market study: Russia Real Estate Report Q4 2009
This is the first edition in BMI's new series of reports on real-estate sectors around the world. We have sought to incorporate data and insights from our reports on infrastructure and commercial banking - as well as our own forecasts for the economies of the various countries that we survey. Key issues - Russia We suggest that the following are
the key issues to monitor for the real estate sector in the coming year or so: The absolute level of construction in Russia is a major positive factor for the real-estate sector. Any substantial weakening in activity would be a major negative factor. Growth in bank lending; one reason is an anticipation of continued strong growth. Any sign of b
the key issues to monitor for the real estate sector in the coming year or so: The absolute level of construction in Russia is a major positive factor for the real-estate sector. Any substantial weakening in activity would be a major negative factor. Growth in bank lending; one reason is an anticipation of continued strong growth. Any sign of b
Saturday, January 9, 2010
ussian Group to Build Cottage Village near St. Petersburg
January 08, 2010, 12:36, (Property Xpress) - A Russian holding group plans to start building an elite class cottage settlement in Lomonosov County, Leningr ...
This article contains 79 words.
The rest of this article is for Property Xpress users, subscribed to the Russian market only.
Please sign in using the login form in the upper right corner of the homepage or start your subscription for the Russian news market here.
This article contains 79 words.
The rest of this article is for Property Xpress users, subscribed to the Russian market only.
Please sign in using the login form in the upper right corner of the homepage or start your subscription for the Russian news market here.
Thursday, January 7, 2010
Positive economic indicators for Russian real estate market in 2010, experts say
Property prices have dropped 25% in Moscow in the downturn and rents are down by up to 50% but the real estate market is now poised for a recovery, it is claimed.
Industry commentators are also pointing out that credit crisis has weeded out the poorer operators and with GDP expected to grow by 3% in 2010; buyers are at least showing signs of returning to the property market with real estate players seeing signs of activity.
Before the global downturn the real estate market was booming in Russia with luxury apartments in the capital city selling for between $15,000 and $40,000 per square meter depending on location. The average price per square meter was $6,500 per month but at the top end $20,000 per month was possible.
Prices were driven upwards by a lack of quality accommodation but the credit crunch has had a profound effect. Unemployment affected the low and middle end and those who would normally buy at the luxury end of the market just seemed to disappear.
Real estate agents report that the market started slowing at the end of 2008 and accelerated through to March. ‘Demand was very, very low, especially on the sales side and across all budgets,’ said Maxim Mokeyev, executive director of Evans Real Estate.
Industry commentators are also pointing out that credit crisis has weeded out the poorer operators and with GDP expected to grow by 3% in 2010; buyers are at least showing signs of returning to the property market with real estate players seeing signs of activity.
Before the global downturn the real estate market was booming in Russia with luxury apartments in the capital city selling for between $15,000 and $40,000 per square meter depending on location. The average price per square meter was $6,500 per month but at the top end $20,000 per month was possible.
Prices were driven upwards by a lack of quality accommodation but the credit crunch has had a profound effect. Unemployment affected the low and middle end and those who would normally buy at the luxury end of the market just seemed to disappear.
Real estate agents report that the market started slowing at the end of 2008 and accelerated through to March. ‘Demand was very, very low, especially on the sales side and across all budgets,’ said Maxim Mokeyev, executive director of Evans Real Estate.
Tuesday, January 5, 2010
Moscow Real Estate looks for rebound
The Moscow residential real estate market has been lucrative, with an accommodation deficit driving sales and rental prices over the last decade. But it too felt the impact of the 2009 economic downturn.
With Moscow being not only the capital of Russia, but also the capital of the region, in terms of opportunities and level of living, it is no wonder that the residential real estate market has grown exponentially over the years.
Pre-crisis, a square meter in a luxury apartment cost between $15 thousand and a whopping $40 thousand dollars. To rent the same square meter would go for anywhere between $7-20 thousand. The overall average sale price per square meter was roughly $6,500 and rising monthly.
A lack of accommodation – not to mention quality – was the main driver behind this growth; but even this growth slowed during the crisis says Maxim Mokeyev, Executive Director for Evans Real Estate.
With Moscow being not only the capital of Russia, but also the capital of the region, in terms of opportunities and level of living, it is no wonder that the residential real estate market has grown exponentially over the years.
Pre-crisis, a square meter in a luxury apartment cost between $15 thousand and a whopping $40 thousand dollars. To rent the same square meter would go for anywhere between $7-20 thousand. The overall average sale price per square meter was roughly $6,500 and rising monthly.
A lack of accommodation – not to mention quality – was the main driver behind this growth; but even this growth slowed during the crisis says Maxim Mokeyev, Executive Director for Evans Real Estate.
Sunday, January 3, 2010
TIMELINE-Russian banks struggle with bad loans
OSCOW, Dec 31 (Reuters) - Russian banks have yet to see a
peak in bad loans which have forced them to channel $28 billion
into provisions this year, wiping out profits across the banking
sector.
Following is a chronology of recent key events in the
sector:
MAY
May 19 - Problem loans could soar to 35 percent to 50
percent of total lending in Russia, Ukraine and Kazakhstan,
Standard & Poor's says. [ID:nLJ957879]
JUNE
June 1 - Russian banks may need to be recapitalised with
around 1.3 trillion roubles ($43.10 billion) in 2009, Moody's
says. [ID:nL1554029]
June 5 - President Dmitry Medvedev rules out creating a "bad
bank" to clean up bad loans. [ID:nL534983]
June 19 - VTB says bad debts could rise to $9 billion by
June 2010. [ID:nLJ543168]
June 29 - VTB says will likely make a loss this year.
[ID:nLT624294] [ID:nLT718543] [ID:nLT16910]
June 30 - Alfa Bank President Pyotr Aven says defaults may
hit $130 billion in the next 12 months. [ID:nLU501949]
- Russian banks require $20 billion to $80 billion in
additional capital within a year as non-performing loans will
reach 15 percent to 40 percent of banks' loan portfolios by
year-end, Fitch says. [ID:nLU368648]
peak in bad loans which have forced them to channel $28 billion
into provisions this year, wiping out profits across the banking
sector.
Following is a chronology of recent key events in the
sector:
MAY
May 19 - Problem loans could soar to 35 percent to 50
percent of total lending in Russia, Ukraine and Kazakhstan,
Standard & Poor's says. [ID:nLJ957879]
JUNE
June 1 - Russian banks may need to be recapitalised with
around 1.3 trillion roubles ($43.10 billion) in 2009, Moody's
says. [ID:nL1554029]
June 5 - President Dmitry Medvedev rules out creating a "bad
bank" to clean up bad loans. [ID:nL534983]
June 19 - VTB says bad debts could rise to $9 billion by
June 2010. [ID:nLJ543168]
June 29 - VTB says will likely make a loss this year.
[ID:nLT624294] [ID:nLT718543] [ID:nLT16910]
June 30 - Alfa Bank President Pyotr Aven says defaults may
hit $130 billion in the next 12 months. [ID:nLU501949]
- Russian banks require $20 billion to $80 billion in
additional capital within a year as non-performing loans will
reach 15 percent to 40 percent of banks' loan portfolios by
year-end, Fitch says. [ID:nLU368648]
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