Demand in secondary real estate market in Moscow by 40-50%

Last week the most marketable panel apartment blocks have increased in price by 0.8% on the average. From June 9 to 15 the average price per square meter in the capital grew insignificantly (by 0.6% in dollars) and approximately reached $7,800. The growth in rubles made 0.1%, up to the level of 184,900 rubles. In Moscow Region, the prices increased by 0.2% in dollars and decreased by 0.3% in rubles. At the present moment, the average supply price in the region is $3,300 or 78,600 rubles per square meter.

For the indicated week, the general volume of supply in the capital grew insignificantly (by 0.5% as compared to the previous week) and totaled about 24,500 apartments. In Moscow Region, decrease of supply by 3.2% or up to 11,900 apartments is registered.

PIK GROUP acquires first development site in St. Petersburg

The site located in an exclusive area will be used to develop business class housing and represents a flagship development in the city. Project is located on the total site area of approx. 400 hectares which has been reclaimed from the sea, of which approx. 200 hectares is sanctioned for real estate development, both office, retail and residential.

The total area acquired is 63,4 hectares on which PIK plans to develop 1,315,000 sq. meters of housing including 1,138, 050 square meters of business –class housing. The project is to be developed for the next 10 years.

Russia PIK to spend $3 bln on St. Pete development

This is the London-listed developer's first land acquisition in the northwestern region of the country, where PIK Group established a subsidiary at the start of this year.

The company has said that as a result of this and other land purchases, it will increase its land bank in the first half of 2008 by 16 percent.

Moscow's best-known shopping avenue has overtaken London's Bond Street Tverskaya, a street with the Kremlin at its southern tip, is now the third most

Tverskaya, a street with the Kremlin at its southern tip, is now the third most expensive place to shop, eclipsed only by New York's Fifth Avenue and the Champs Elysées in Paris. Known as Gorky Street in Soviet times, the resurgence of Tverskaya is another example of the dramatic turnaround in Russia's economy since energy prices began to soar at about the time that Vladimir Putin became president in 2000.

Once lined with churches that were destroyed by Stalin and supermarkets known for their queues and empty shelves, Tverskaya is now home to the Moscow outlets of many leading fashion designers as well as Russian oligarchs.