Russian real estate volumes have exceeded $1 bn (€727 mln) for the sixth quarter in a row, signalling that activity in the Russian market remains buoyant, according to advisory firm CBRE.
Russian real estate volumes have exceeded $1 bn (€727 mln) for the sixth quarter in a row, signalling that activity in the Russian market remains buoyant, according to advisory firm CBRE.
Although commercial real estate investment in Russia in Q3 2013 is 17% lower than in 2012, year-to-date investments showed a 46% increase with average quarterly investment volumes at $1.6 bn, the adviser reported in a study on the third quarter.
According to the new research, the European commercial real estate investment market had its strongest third quarter since 2007 with €35.5 bn in transactions - up 21% on the same period last year.
Valentin Gavrilov, director of CBRE's research team in Russia: 'A year ago we predicted that the first signs of economic recovery in the Eurozone in Q2-Q3 2013 would boost investment activity. And now we see the growth of investment interest not only to ever-popular UK, Germany, France, but also to the so-called "peripheral countries". In the last case the growth is measured in times. In the last 18 months Russia enjoyed around $10 bn of investment in commercial real estate. These figures can grow even further as Russian government indicates its "recipe" to restore high GDP growth rates, which we had observed just recently.'
