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Russia Real Estate Report Q3 2013 - New Market Research Report

New Business research report from Business Monitor International is now available from Fast Market Research


Boston, MA -- (SBWIRE) -- 08/15/2013 -- The Russia Real Estate report examines the commercial office, retail, industrial and construction segments throughout the country in the context of a construction market that has returned to growth.

With a focus on the principal cities of Moscow, St Petersburg, Ekaterinburg and Samara, the report covers the rental market performance in terms of rates and yields. It also examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of external macroeconomic headwinds. The key growth areas driven by increasing (comparative) attractiveness for investors, as well as the potential offered through the hosting of the Winter Olympics and 2018 FIFA World Cup, are also addressed, alongside the buoyant outlook for the retail sector.

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The Russian economy continues to face enormous challenges of weakening external demand and continued uncertainty over the policy environment, which affects business sentiment. However, we continue to believe that the government will pursue a more business-friendly approach and seek to attract financing for major infrastructure projects, which should help to sustain a solid longer-term growth outlook for Russia's economy. In addition, we believe a number of factors should help ensure Russia's building industry achieves at least modest growth over the medium term, compounding the upside risks to our real estate outlook. Market performance over 2012 has compounded this view, with the commercial real estate sector performing well over the year, with the majority of key indicators registering year-on-year (y-o-y) growth.

Key Points

- The 2018 World Cup preparations will bolster the latter and drive a spike in overall construction growth in 2017 and 2018, but as this will dissipate post-World Cup, then the industry will fall back on to the resources sector to drive growth. We maintain our forecast for construction industry value growth of 4.9% for 2013.
- We are revising down our 2013 real GDP forecast for Russia to 2.6% from 3.6% previously, on the back of signals that President Vladimir Putin is willing to let headline growth drop below the 3.0% level this year. Although this now places us below consensus on growth, we see potential for further downward revisions over the next few months.

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