Russia Real Estate Market ReportSeeNews - Research & ProfilesSeptember 10, 2010 14 Pages - SKU: ALD2808666 |
| Countries covered: Russia In the second quarter of 2010 Russia reported macroeconomic indicators' improvement compared to the same period a year earlier. The Ministry of Economic Development of Russia announced a 4.2% year-on-year GDP growth in the second quarter of 2010 and a 10.2% increase of industrial production on the year. In June 2010 the unemployment rate declined to 6.8% from 8.6% in March 2010. Due to cuts in social benefits and various types of personal income, the growth of disposal income continued to drop, despite the real wages increased and as a result the positive trend in retail trade sector continued in the second quarter of 2010. Consumer price index slided to 5.8% in June from 6.5% in March 2010. The Russian national currency ruble depreciated slightly in the Q2 to 31.27 per U.S. dollar compared to 29.36 rubles per U.S. dollar at the end of the first quarter of 2010. The Russian authorities reported also stabilization of oil prices and an increase of imports. In 2009 the Government of the Russian Federation undertook measures to support the country’s financial system. It allocated 3.2 trln rubles to the labour market and various social services, the banking system and economy. The Central Bank of the Russian Federation gradually lowered the refinancing rate from 13% at the beginning of 2009 to 9.0% at the end of the year and to 7.75% in June 2010. Major players, such as Sberbank and VTB, continued to expand credit lines to developers despite bank lending was still limited. A positive affect had the fact, that in December 2009 the international rating agency Standard & Poor’s raised Russia’s rating to Stable from Negative. As a whole the real estate sector was negatively affected due to the global financial crisis in 2008 and 2009. It will be difficult to restore a quite shrunk market in a short time. Otherwise, in the second half of 2009 there was a trend of stabilisation and market growth. Of course, the situation of the real estate market is turned compared to the period before the crisis - companies reduced their development projects, increased supply versus the drop of demand and the market is focused mainly on renting. Following the increase of vacancy rates and a good number of subleasing, rental rates marked a significant drop. |
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