Two major Russian developers, Pioneer and Samolet, are considering launching projects in Dubai. About Wrote The Kommersant newspaper cites three sources in the industry.
According to Alexander Pestryakov, head of foreign projects at Becar Asset Management, the developers decided to expand the geography of their business in order to survive and continue abroad. “The Moscow real estate market is on fire right now,” said Ekaterina Rumyantseva, CEO of Kalinka.
According to Dataflat.ru, 5.8 million square meters from January to November. m2 of flats and apartments, which is 24% less than in the same period of 2021. The total revenue of the capital’s developers decreased by 11% over the same period to 1.47 trillion rubles.
At the same time, the demand in the Dubai market is increasing. According to Kalinka’s calculations, a total of 87.7 thousand residential real estate transactions were concluded in the emirate in the first 11 months of the year, which is 44% more than in the whole of 2021.
Last week Kommersant newspaper WroteAverage prices for new buildings in Russia began to fall as at least more than half of the bids were sold at a 10% discount.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.