Our Moscow partner, Terra Real Estate, has recently provided us with the latest trends in the Russian property market. This is interesting reading for anyone selling a property in Russia or indeed to Russian buyers looking for a crash pad or family home here in London.
Turn Key Properties
Apparently, the buzz word is ‘turn-key’ properties. Russian people demand 'high end', well constructed properties, complete with fully designed interior, furnishings, extensively equipped kitchens and even coordinated tableware, bathroom accessories and other domestic luxuries.
Modern vs. Period
The majority of the properties on the market in Moscow were built prior to the Russian crisis in 2008. Many are 'out-of-date' and do not live up to the modern standards, tastes and desires of the Russian purchasers. This obviously means that modern properties are highly desirable and have been in demand more than ever in the last few years
Bigger is Not Better!
The Second trend that can be noted is that ’the bigger the better’ is no longer the mantra. Clients are now aware of pricing per square meter and the value it represents; coupled with the quality of construction and architectural design, which have moved up in the list of considerations when purchasing real estate in Russia.
Environment, Environment, Environment....
It is not all about location, location, location; environment is taking on more importance. Living outside the city with green space and lake has been preferred for a long time, however in recent years, Russian purchasers have also started to take more interest in the materials used in the construction and designing of real estate, and the so called ‘internal’ environment of a house.
Fast Track Locations
Finally we see transport infrastructure as a consideration. Many choose to live near main transport arteries like Rublevskoe Motorway. Now we are seeing much excitement over almost completed New Riga Motorway, which connects to elite suburban developments outside Moscow.
In addition there will also be a new toll motorway in the North of Moscow and new luxury trains ‘Aeroexpress’ which will whisk you to the centre of Moscow from the lovely Roublevka in 30 minutes.
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