Real estate market monitoring. July 2011

The monitoring highlights the results of the residential and commercial real estate markets of Moscow and Moscow Region development in July 2011.

The supply volume in the elite primary market of Moscow decreased by 9% for the past month, which was caused both by the sale of some flats and apartments and with the temporary withdrawal of some properties from the market. The market did not see any new properties in July 2011. By the results of the month the average price in the primary market of elite flats remained practically at the level of the previous month.

In July 2011, the office real estate market of Moscow Region remained active: several deals on the office premises rent were concluded, at the same time the trend of their enlargement (increase of the average rented area) was preserved.

The landmark event of July in the retail real estate market was the opening of the professional retail-entertainment center “RIO” in Yaroslavl. “Tashir” GC acted as the developer of the project. The aggregate area of REC amounted to 70, 000 sq.m., rented area – 53, 000 sq.m.

During July no hotel under international operator’s management was opened in Moscow. An important event of July was the deal between Regional hotel chain company (buyer) and OOO Izhevsk-Hotel (seller) on the acquisition of the Park Inn Izhevsk hotel.

In July 2011, the delivery of new settlements continued in the countryside residential market of Moscow Region. Economy class projects, which offer for sale land plots without building contracts still composed the largest share of new supply. ZemActiv company began the construction of the second stage of “Anutini Glazki” cottage settlement, measuring 16 ha, located within 63 km from MKAD along the Novorizhskoe highway. The territory of the settlement includes 118 land plots with building contracts and without them. Vesco Group Company announced the beginning of “Pushkinskaya dubrava” project implementation, which measures 32 ha and is located within 28 km from MKAD along the Yaroslavskoe highway, both land plots with building contracts and without them are offered for sale there.