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Russia Real Estate Sector Report
Emerging Markets Direct, Jan 2012, Pages: 25
The Intellinews Russia Real Estate report covers main trends in housing sector, office, retail, warehouse, real estate investment.
JANUARY 2012 EXECUTIVE SUMMARY
At the end of Q3 2011, the sales and rental real estate market reached pre-crisis levels. The decline in supply led to an increase in prices and rental rates. A moderate level of change in these indicators favours the continuation of the gradual recovery of the market in all segments of commercial real estate. In Jan-Aug, 28.3mn m2 of housing was commissioned in Russia, or 45% of the planned annual volumes, announced the State Statistics Service. Unsurprisingly, the Moscow region accounted for most of the space commissioned-2.9mn m2. According to Blackwood Company, the Moscow office real estate market increased by 140thsd m2 of new high-quality areas for Q3 2011. In total, approximately 450thsd m2 have entered the market since the beginning of 2011. The retail sector has shown good growth rates, being one of few segments where we can observe increase in consumer and business activity.
As of end of Q3/2011, the total quality supply on the warehouse property market in Moscow Region was 4.4mn m2 in Class A and 2mn m2 in Class B. According to Colliers International, as of late Nov 2011, the total number of rooms in Moscow's hotel market (3-star, 4-star, and 5-star hotel segments) amounted to 29,095. According to Cushman & Wakefield, the volume of investment in commercial real estate in 2011 amounted to USD 8.60bn, with USD 3.26bn invested by foreign companies. According to Jones Lang LaSalle, the total figure amounted to USD 7.3bn (foreign investment accounts for 30-40%), according to Colliers International USD 10bn (44%).
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