Moscow real estate shows signs of recovery

According to Jones Lang LaSalle Company, Moscow real estate market shows recently stabilization signs. It is said in the published account that “inner and outer factors made for Russian economics stabilization. It favored to the situation improvement on the real estate market”.

Experts mentioned that starting from the 3rd quarter of 2008 year the demand for office spaces in Moscow cut down sharply. It was the cause of tenantless premises number growth and rental rates decrease. In retail spaces segment the record-breaking number of new empty spaces was registered in Moscow.

The decrease in demand resulted in the pressure on the rental rates. Hotel services market as well shows first signs of recovery a year after the global crises onset in Russia, which had entailed considerable price correction. According to the Head of the Economical and Strategic Researches Department in Russia and Commonwealth of Independent States of the company Jones Lang LaSalle Vladimir Pantiushin “recovery of merely all Moscow realty segments is registered after the stagnated beginning of the year”.

Analysts of the company predict the improvement of the situation next year, adding that “the risk of sudden worsening is high now as before, and first of all on the macrolevel”.

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