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Real Estate

Cheapest apartment went for 3.5 million roubles

The cheapest apartment sold in Moscow in 2011 sent the buyer back 3.5 million roubles ($110,000), according to a study published by the realtor Inkom Nedvizhimost. The 20 sq. metre, one-room apartment is located in a brick five-story building on Kavkazsky Bulvar, a 15 minute walk from the Metro station Tsaritsyno in the city’s southern part. On the list of the cheapest properties in the city, it was followed by two identical apartments, one in Proyezd Cherskogo in North Moscow and one in Ulitsa Lazo in the city’s eastern section. Lev Litovkin, head of the Mitino office of Inkom Nedvizhimost, was quoted by RIA Novosti as saying that the location of an apartment on the outskirts or in one of the “unfavorable” neighborhoods could significantly bring down its market value. “For instance, a 31.5 sq. metre one-room apartment in the Third Block of Kapotnya could attract [a buyer’s] attention only because of its low price,” he said.

State agencies’ buildings to be sold or converted

Buildings currently housing state agencies that are supposed to move from the city centre to Moscow’s new territories beyond the ring road, could be sold or converted for other uses, Andrei Sharonov, Moscow’s deputy mayor in charge of economic policy, was quoted as saying by RIA Novosti. “[The buildings] should be probably sold, so that part of the proceeds could be used for the development of the new territories,” he said. “In some cases, they should be preserved and converted for cultural purposes.” Sharonov added that some of the buildings to be vacated could also be converted into hotels, but the specifics won’t be known until a concept of the new territories’ development is announced in October 2012.

City Hall drives away small and inexperienced contractors

Under new regulations, as of January 1, 2012, only companies with a proven track record will be allowed to bid for the city’s contracts to build residential property, Metro and kindergartens, the business newspaper Vedomosti reported. The new regulations stipulate that in order to be eligible for City Hall’s contracts, a company should have already built at least the same volume of property over the past two years as the size of the contract it is bidding for. In the past, giving municipal contracts to small and inexperienced companies led to numerous failures to fulfill the contracts. “Quite a large number of companies just ‘practiced’ on city contracts, so dozens of properties are uncompleted,” Marat Khusnullin, Moscow’s deputy mayor, was quoted as saying by Vedomosti. “Now we won’t allow companies that don’t have finished properties to their names to bid.” Another condition for companies bidding for City Hall’s contracts is that their revenues over the past three years should be equal to at least 50% of the starting price of the contract they’re bidding for.

Old movie theatres to be converted

Moscow’s older movie theatres are likely to be converted to be used for other cultural purposes, Sergei Kapkov, head of the culture department at the Moscow city government, was quoted as saying by the newspaper Vedomosti. “We have come up with a principle approach to the reorganization of film theatres,” he said. “If, say, a nine-screen multiplex has been built nearby, it would make sense to convert an old theatre for other cultural uses.” He added that old film theatres located in neighborhoods where there are no other options for watching a film on the silver screen will be reconstructed. According to Kapkov, the total number of screens in the city is over 500, which is enough to satisfy the existing demand.

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