09 January

MARKET NEWS

According to https://www.rbc.ru/business/05/01/2023/63ad72439a7947158eb663e7"> RBK, last year Russians spent 25 billion rubles on luxury apartments in new housing developments in Sochi (which is 40% more than in 2021). In general, the luxury property segment at the resort proved to be the most stable one as compared to mass housing, which is confirmed by the data in possession of FIVE

Elena Kabesheva, the Chief Commercial Officer of real estate developer FIVE, says that during the crisis the luxury property segment is the most stable of all types of real estate. She attributes the sales growth in Sochi to the increased risks of owning assets abroad. As reported by Bloomberg at the beginning of May, the European Union was considering banning Russians from buying real estate. The plan was to prohibit all Russian citizens, except for holders of residence permits in member states of the European Union and citizens of these countries, from carrying out real estate transactions directly and through investment funds. In the end, the ban was not adopted; however, according to experts, the situation remains unpredictable. ""Those who once purchased assets in Europe are now considering the most popular resort city of Russia from the point of view of real estate investment. In 2022, Dubai became Sochi's main competitor in terms of real estate transactions,"" Kabesheva points out.

previous news

13 January

Progress of construction works at Mantera Seaview residence

next news

23 December

Progress of construction works at Mantera Seaview residence