PIK sees 23.9% in housing completions, expects strong growth in 2008

Russian residential property developer PIK Group said housing completions in 2007 were up 23.9% on the year earlier, with regional completions surging ahead 131.8% in the year. The company said fundamentals of the Russian residential real estate market remain sound, and it expects good growth over the coming year.

PIK noted its land bank had expanded rapidly in 2007 and early 2008, with over 7.8 million m² of estimated net saleable space added. In line with the group’s continued diversification into Russia’s regions, 94% of the new land is situated outside the city of Moscow, with 80% located in Russia’s regions.

The company said the latest available independent appraisal, prepared by CB Richard Ellis and dated January 1, 2007, values its land bank at $8.8 bn (EUR 5.8 bn) for 8.8 million m². .