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Russia Real Estate Sector Report - H2, 2013

  • July 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 22 pages

This report profiles Russia's residential, office, commercial, industrial, and hotel real estate sectors through Q1 2014, with market forecasts for each segment.



Russia's real estate market continues to be one of the most active in Eastern Europe. According to Colliers International, 2013 was the third consecutive year with total investment volume reaching USD 8.2bn. In addition, last year set a record for the largest average deal size, which grew to USD 186mn. Worth noting is also the fact that despite the economic uncertainty, the real estate market continues to attract both Russian and international institutional investors.

The most active players in 2013 were: Morgan Stanley (a total of USD 1.2bn invested), Hines CalPERS (USD 600mn), Millhouse Capital (USD 1.1bn) as well as institutional Russian companies such as BIN Group (USD 980mn) and O1 Properties (USD 530mn).

In 2014, Morgan Stanley and CalPERS showed a positive strategy for entering the Russian real estate market and Colliers expects many other companies to follow in their footsteps during 2014. This transaction is an important step for the future investment inflow from international investors and is a sign of the investment stability of the Russian real estate market.

Importantly, in 2013 the Russian government changed its property tax policy for commercial real estate, which is now calculated based on a property's cadastral value rather than book value. This limits a company's ability to manage its property tax liabilities, as the cadastral value is theoretically much closer to the market value of the asset. Colliers believes that the property tax reform is an effort to tighten the state control over the industry. The tax reform as well as other governmental measures will stimulate more asset deals on the domestic market rather than through offshore holding companies.

Table Of Contents

Russia Real Estate Sector Report - H2, 2013
Executive summary

Residential Real Estate Sector

Office Sector

Industrial Sector

Retail Sector

Hotel Sector

Appendix



Table 1 Largest investment deals in 2013

Table 2 Average asking price for apartments in Moscow

Table 3 Key industrial figures in Q1

Table 4 Key retail figures for Q1

Table 5 Rental rates in major Moscow shopping centres

Table 6 Major industrial complexes completed in Q1

Table 7 Major industrial lease transactions

Table 8 Shopping centres opened in Moscow in Q1

Table 9 Major retail projects to be opened in 2014



Figure 1 Supply and take-up of flats in Moscow

Figure 2 Average price for apartments (forecast)

Figure 3 Supply volume of office space

Figure 4 Office vacancy rates

Figure 5 Take-up, supply, vacancy rate for industrial premises

Figure 6 Moscow Hotel Luxury Segment 2013 y/y

Figure 7 Moscow Hotel Upper Scale 2013, y/y

Figure 8 Supply of Flats in Moscow by budget

Figure 9 Structure of take up of flats in Moscow

Figure 10 Average price in Moscow residential market

Figure 11 Total office supply volume

Figure 12 Structure of office take up by industry

Figure 13 Rental rates in office sector

Figure 14 Geography structure of office take up

Figure 15 Completions and take-up of retail space

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