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Real Estate

Vladimir Kozlov

Shortage of inexpensive rental apartments

The supply of cheap rental apartments in Moscow can currently satisfy only one fourth of the demand, while in March, the offers in that segment declined by 68%, according to analysts of MIEL-Arenda. “Cheap options are actively washed off the market”, Maria Zhukova, deputy director of MIEL-Arenda, told Vedomosti. “The number of apartments with a rent under $750 a month in Moscow and the [nearest towns of Moscow Oblast] that are offered for rent is very small, while demand remains strong because of potential leaseholders’ low incomes.” Meanwhile, in the other price segments, the number of apartments offered for rent has been on the rise. In March, the offer of apartments between 20,000 roubles and 30,000 roubles a month increased by 40% and those over 30,000 roubles a month by 50%, MIEL-Arenda said.

Residential construction slows down

The volumes of new residential construction completed in Moscow in the first quarter of 2011 declined by 41% to 200,200 sq. metres from the corresponding period of last year, Mosgorstat, the city’s statistics agency reported. Meanwhile, the number of kindergartens built in the city over the same period declined by 500%, year on year.

Russia’s cheapest residential property

Penny Lane Realty has compiled a rating of Russia’s regional centres with the lowest residential property price. Grozny, the capital of the Chechen Republic, tops the list. The average price of the residential property’s sq. metre in the city is 22,300 roubles. The city is followed by Biribidzhan, the capital of the Jewish Autonomous Region, (24,600 roubles), the Ingush town Magas (25,800 roubles), Dagestan’s capital Makhachkala (28,900 roubles) and North Osetia’s capital Vladikavkaz (29,700 roubles). According to Alexei Ziminski, director of elite property sales department at Penny Lane Realty, all the places on the list, except for Birobidzhan, have potential to be turned into major tourist centers. “The nature has given those places everything that it takes to create ski and SPA resorts,” he said. “Of course, turning Russia’s North Caucasus into a second Courchevel is unrealistic, but making those towns popular tourist centers for youth is quite possible.”

“Individual approach” to courtyard parking

The Moscow city government has promised individual approach to building parking lots in the city’s apartment buildings’ court yards. “Our task is now to find space for parking lots in the capital’s court yards and also within the street network,” Marat Khusnullin, deputy mayor for urban development policy and construction, told reporters last month. “Basically, we want to pick spaces where people park their cars anyway and develop them [into proper parking lots]. According to Khusnullin, projects will be developed individually for each court yard. “We will be drafting plans for developing court yards and see if there is space for parking lots,” he said. “Certainly, we are not going to sacrifice children’s playgrounds or trees to make parking spaces.” The city official added that the city authorities have already found space for parking lots for 43,000 vehicles within the city’s street network.

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