Residential real estate market_December 2009

Real estate market monitoring presents the results of residential and commercial Moscow and Moscow Region real estate market development in December 2009.
In the end of 2009 the elite residential market showed stability. The average dollars prices showed moderate growth. Currently we can say that the market prices have hit the bottom and in some cases, start to grow.
In December 2009 demand for quality office space continued to rise further and several major lease and purchase transactions were signed. At the same time market trends remain negative: delivery of office centers is postponed and implementation of new major projects is either delayed or cancelled.
Several new shopping malls welcomed their first visitors in Moscow and other cities as traditionally, landlords aim at opening their stores in December, before the New Year sales.
The delivery dates of the following hotel projects again were changed.
In December 2009, projects including land plots without labor contracts kept coming into the countryside real estate market of Moscow Region. The average price level in cottage settlements of Moscow Region dropped, mainly by promotion events, additional discounts and gifts given by the developers prior to the New Year.