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Real Estate

Prices for apartments in cheaper block buildings go up
Vladimir Kozlev

Since the beginning of the fall, prices for economy-class apartments have increased more significantly than those for any other types of apartments, RIA Novosti reported. Experts say that the increase was primarily due to insufficient supply of cheaper apartments in block buildings with an area of between 35 sq. m. and 40 sq. m. on the secondary market. Although the price of an average sq. metre has not increased significantly, that of an entire economy-class apartment has gained roughly five percent since late summer. Apartments in newlybuilt buildings turn out to be less affordable as they have a much bigger area than those offered in the secondary market.

Newspaper kiosks to return to their original spots

Newspaper kiosks removed by orders from Moscow’s prefectures are to be returned to their original spots, the Moscow mayor’s office said, RIA Novosti reported. In early November, responding to City Hall’s call to get rid of all kiosks in central Moscow, the city’s prefectures removed dozens of them. Now, an exception is to be made for those selling newspapers and magazines. All cases of liquidating newspaper kiosks are to be carefully examined, and if the return to the original spot is not feasible, a new spot is to be provided, City Hall said. However, that does not apply to kiosks selling food and other types of products, which city authorities are determined to get rid of.

Share of foreign leaseholders of elite property plummets

The share of foreign individuals renting premium class property in Moscow was 25 per cent smaller in October 2010, compared with October 2008, according to an analytical report by Penny Lane Realty. “Although expensive elite property has been traditionally intended for foreign nationals who basically helped to form that segment, today, demand from Russian customers is higher,” said Vadim Lamin, head of the elite apartment rental department at Penny Lane Realty. “The reason is that many foreign companies have replaced mid-level managers with Russian professionals.” According to the report, Russian leaseholders are primarily interested in apartments rented at either below $3,000 a month or above $7,000 a month, while ex-pats prefer options in the $3,000 to $8,000 a month range.

The lower floors of Moskva hotel to open in December

Three lower floors of the rebuilt legendary hotel Moskva are to be opened in December, the city’s tourism committee said. The hotel is expected to be completely operable next year. Built in 1935 in the very heart of the capital, just a few hundred meters from the Kremlin, the hotel was closed down in 2003 and subsequently dissembled and rebuilt, preserving the original design on the outside. Thanks to the rebuilding, the hotel’s total area is to increase from 98,000 sq. m. to 185,500 sq. m. The re-opening of the hotel was originally expected in 2007 and has been postponed several times. Two other well-known Moscow hotels, Leningradskaya and Ukraina, were reopened after major revamping in 2009 and 2010, respectively.

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