Real estate market monitoring.October 2010

   The monitoring presents the results of the residential and commercial real estate market of Moscow and Moscow Region in October 2010.

   In October 2010 the elite primary market of Moscow enlarged with a new property, the construction of which has already begun. In comparison with previous months the prices in the elite secondary market increased by 1,1 %, while the average level of prices in the primary market did not change.

   The main events and news of the commercial real estate market in October were first of all connected with a new mayor of Moscow S.Sobyanin, who entered upon his duties on October, 21. New mayor's office has already been successful in making a lot of critical announcements within the framework of solution of one of the most difficult and foreground problems of the city - transport, among other things casting doubt on reasonability of "Moscow-City" MIBC development. 

   In October 2010 the main events in the professional retail real estate market took place in regional cities, where 5 retail centers were opened. Besides, in October the first in Russia hypermarket of household appliances and electronics Saturn (a part of METRO Group along with MediaMarkt) took place in VEGAS REC at the Kashirskoe highway.

   In October the most important events in the hotel market took place in regional cities: three hotel properties were opened under the management of international operators. These are the first in Russia properties under the brand of Doubletree by Hilton in Novosibirsk (4*, 188 rooms) and Tui Hotel Kaluga in Kaluga (Tui Hotels&Resorts, 4*, 136 rooms and 74 apartments), as well as another property of Park Inn chain - Park Inn Kazan (3*, 151 rooms). 

   In October 2010 the Novorizhskoe highway remained the leader by the delivery of new properties in the countryside residential real estate market. Foreign developers' countryside real estate return to the market is noticed as economics stabilizes. 

   The average level of prices for the countryside residential real estate properties of Moscow Region remained at the same level in October 2010. However, minor growth of prices was recorded for several properties.