Investing in real estate in St. Petersburg is growing much faster than in Moscow
13.02.2012 2905

Investing in real estate in St. Petersburg is growing much faster than in Moscow

At the end of last year, the Northern Capital took 34th place (up 187 positions) in the world ranking of cities with the highest volume of real estate investments. The main reason for this success of the second city in Russia is the record deal with the Gallery shopping center.

Investments in St. Petersburg real estate grew almost 10 times to $ 2,1 billion, a record growth for the rating, according to Jones Lang LaSalle. Investors invested $ 3,6 billion in Moscow real estate, 50% more than in 2010, the capital rose from 25th to 18th in the rating.

Several major transactions ensured the success of Petersburg: the acquisition of the largest shopping center Gallery in the city by an investment fund managed by Morgan Stanley from the Kazakh Meridian Capital (transaction value - more than $ 1 billion, a record for the Russian market), the purchase of Passage by Jensen Group and five shopping centers "Macromir" by Fort Group, explains the representative of Jones Lang LaSalle Natalia Kopeichenko.

In Moscow, the cost of real estate is much higher, and St. Petersburg, despite the saturation of shopping facilities, remains attractive for development, said the representative of Fort Group Konstantin Vinogradov. In St. Petersburg, unlike many other regions, there are no problems with the acquisition of land in private property, in addition, the rights and obligations of the investor and the state are clearly spelled out here, argues Igor Gorsky, managing partner of ARIN. The active promotion of St. Petersburg abroad also played a role: the city administration participated in many large international forums and exhibitions, which affected the prestige and image of the Northern capital, Gorsky believes. 

London remains the world leader in investments, in real estate of which investors have invested $ 24,3 billion. New York (investment volume - $ 2 billion) and Paris ($ 3 billion), respectively, are in the 19,2nd and 14rd place. About this newspaper Vedomosti.

At the end of last year, the Northern Capital took 34th place (up 187 positions) in the world ranking of cities with the highest volume of real estate investments. The main reason for this success ...
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