Oil, Oligarchs and Opulence

The "Red Ritz" is in many ways a metaphor for the New Russia. Built at a cost of $350 million by Kazakh and Turkish investors, it is probably one of the most expensive hotels in the Ritz chain, with some rooms at $1,000 a night and a suite that goes for a cool $16,000. Under the able direction of a German general manager, it is staffed by hundreds of eager, young English-speaking Russians. The driveway in front is stuffed with shiny black Mercedes, Audis and BMWs that shuttle global executives and minor Russian oligarchs, along with their security contingents, around the traffic-choked city.

How to make billions in Russia

Lev Leviev didn't miss a beat. It was evident that his answer, ostensibly off the top of his hat during the interview, had been prepared in advance: "Seven billion dollars by year-end," he said confidently, and smiled. The question we had asked him, at the Davos economic conference in late January 2007, had been what his goal for Africa Israel (TASE: AFIL) , his main business arm, is.

The Moscow real estate market peaked last year

Construction in the Russian capital might be second to none in terms of profitability. A report issued in March 2007 by a high-end property developer working in Ostozhenka that was recently admitted to the London Stock Exchange shows that construction costs start from $1,300 per sq m

St. Petersburg real estate AGENCIES

Pulford Real Estate is a British real estate company with operations in both Moscow and St. Petersburg. Since 1993, expertise in the Russian real estate market has assisted clients ranging from multinational corporations to private individuals in all aspects of commercial and residential real estate.