Boston, MA -- (ReleaseWire) -- 02/16/2013 -- 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. Our latest data collection, conducted in July 2012, has compounded this view, with the commercial real estate sector performing well over H112, with over 75% of key indicators registering yearon- year (y-o-y) growth.
- Our previously held view that 'political risk is the main element that can ultimately curtail growth as public policy remains opaque, convoluted and subject to frequent change' continues to play out. The planned privatisation scheme has yet to take hold, and on the back of continued capital outflows and strong vested interest, we believe the attractive assets potentially up for sale will remain without a buyer for the time being. Nevertheless, the construction sector remains buttressed by flagship projects for the 2014 Sochi winter Olympics and the 2018 FIFA World Cup, as well as a steady pipeline of projects within the extractive sector. Hence, we maintain our forecast for 2012 construction industry value growth, with 3.5% anticipated.
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