Russia could see a ‘record year’ for commercial and retail property investments | 09 July 2013
Property investments in Russia are tipped to reach ‘record highs’ in 2013, silobreaker.com reports.
The prediction has been made by commercial real estate firm, Cushman & Wakeman, which has found that real estate investors are snapping up retail properties in particular; this sector accounted for more than half of the total investments made from January to June inclusive.
That equated to sales worth $2.06 billion, compared with $2.04 billion earned during the same period in 2012.
In total, Russian commercial real estate investments in H1 2013 have reached $4.63 billion, a figure which is said to be 82 per cent higher than those recorded in H2 2012.
The office space market also performed well, with acquisitions reaching $1.71 billion, while industrial properties hit the $600 million mark.
That said, most of the sales have taken place in Moscow – some 85 per cent of all the commercial real estate investments focused on the capital. However, many experts expect these patterns to change, with the opening of some two million sq m of shopping venue space due to open across Russia, perhaps diverting investor attention to other locations.
Commenting on the sales figures for the year so far, Cushman & Wakeman senior analyst, Alexander Zinkovsky told themoscowtimes.com: “If all planned deals are concluded, then 2013 will become a record year for volumes in retail real estate.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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