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Real estate market overview

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20.10.2014

Ex-Pats refuse to rent luxury housing and leave Moscow-Realtors

Ex-Pats refuse to rent luxury housing and leave Moscow-Realtors #1

Employees of foreign companies, which formed the bulk of the demand in the Moscow market of elite rent, massively leaving the Russian capital due to the difficult political and economic situation, so rents are declining in the segment, and the number of proposals is growing, say Realtors interviewed by RIA Novosti.

Care of expats

According to experts, employees of foreign companies have traditionally formed the bulk of the demand in the segment of expensive rent in Moscow. So, Contact Real Estate managing partner Denis Popov said that ex-pats were half of the tenants/"our elite carriers " and the managing partner of the real estate agency Mogilatova and Irina Tweed asserts that in past years the proportion reaches 80%.

Now the elite Realtors are telling about the departure of expatriates from the capital.

"Back in August we celebrated the withdrawal from the market of hiring of expatriates who have actually created a demand in this segment, " says managing partner/NIKA Estate "Victor Sadigov, adding that because of this, the demand for long-term elite rent has fallen by 60%. His words and Mogilatova: "Today the share of such tenants in total current contracts about twice as diminished ".

Chairman of the Board of Directors of Kalinka Group Ekaterina Rumyantseva, concurring with his colleagues, adding that ex-pats free apartments and leave, without waiting for the end of the lease, despite sanctions on the part of homeowners for premature termination of the agreement. She believes that the departure of the expatriates began much earlier than August.

Experts link the situation with declining business activity of foreign companies in Russia, which was influenced by, among other things, and the current developments in the global politics and economy. In particular, according to the head of Department on work with the owners of the company, Intermark Savills Elena Kulikova, the last wave of the so-called sanctions affected the oil industry, which affected the employees of oil companies.

"It should be understood that we are talking primarily about employees of Western companies, " says Sadigov. He tells us that stayed stable demand from foreign employees of Russian banks and by members of the FEC, which, however, could not fully cover all of the listings that are present in the Moscow market.

Stable demand from Asian business, in particular, by members of the missions of South Korean companies, the expert notes. "But this is a very peculiar customers, with its flavours, and many Moscow landlords are accustomed to working with expatriates from Western Europe and even the design of the apartment have done based on the tastes of the public, " says Sadigov.

The struggle for customers

According to Mogilatovoj, a free apartment, after the departure of the foreign occupiers have appeared, above all, in the old Fund in Central Moscow on the traditionally oblûbovannyh expatriates Patriarch's ponds, Arbat street, Krasnaya Presnya, Plyushchikha. It is not surprising that the landlords started to fight for customers. REALTORS reported that the number of requests the Agency to find new tenants has increased.

This concerns not only the urban shelter, but also a country. For example, the head of the Department of real estate Real Estate Contact Alsou Hamidullina notes that increasingly want to work with real estate agencies such towns as "," rosinka " ", Angelovo Moscow Country Club. Meanwhile, a few years ago on the vacated houses have been waiting lists, they work with directly, without the participation of the agencies, said the woman said to RIA Novosti.

Owners of luxury homes have replaced conditions of tenancy with the damage for himself. According to Kulikova, many premium apartments quarterly payment varies on a monthly rental fee is reduced, and so on. "Recently, owners have to accept the 10-15% discounts ", she says, pointing out that the timing of the exposure on many objects, especially the most expensive, doubled or more. According to the observations of a Realtor, the worst off are the objects that have certain disadvantages – unsuccessful planning, bad entrance fasade, in poor condition, construction near the House, they are either a discount or a very long wait.

Sadigov adds that the downturn in the market of elite rent much of the owners prefer to simply withdraw the proposal until better times.

At the serious mood of the rentier Tweed seen an interesting trend: investors who make money on rent, have begun to sell expensive real estate in Moscow to buy cheap. "Instead of one big apartment in the center of the bought five little on the outskirts. At such cheap accommodations are always tenants ",-said Mogilatova. Besides, these apartments require less investment in the finishing and maintenance, she said.

The influx of Ukrainians

The exodus of expats from Moscow amid Russia's worsening relations with Western partners, according to Kalinka Group, changed the structure of demand for luxury real estate in Moscow.

Rumyantsev said that the proportion of rented apartments for expatriates budget to 5 thousand dollars has fallen almost in half, from 45% to 25%. "Among foreigners who rent housing on a long-term basis in Moscow, apartments in that price budget have always been the most popular since they were shooting for the company they work for ", explains it.

The expert said the increase in the number of transactions with foreigners in the high price segment. So, the demand for rental apartments in the budget by 10-15 thousand dollars has grown 1.5 times, from $ 15 – three times. Increase in the number of tenants the Metropolitan apartments in that price segment of foreigners occurred due to the elites of Ukraine, who came to Russia in view of the political situation, explained Rumyantseva.

"According to our observations, the peak demand in June of this year: in the first summer month average budget rental luxury housing expatriates has increased more than five times the", she said. The representatives of Ukraine, looking after apartments in spring, but the final decision was 2-3 months later, shares his observations of the REALTOR.

According to her, the expensive apartments were rented by wealthy Ukrainians with 10 – 25 thousand dollars a month in the area of the "golden mile ", as well as in the Tver region, where it was 25-30 thousand dollars per month.

By September surged up, a second wave of Ukrainian tenants continues to Rumyantsev. At this point, Russia has come to – of the Ukrainian elite inner circle of relatives and friends, often with children, which you need to arrange for study. This is somewhat changed the preference of tenants in these – those became more interested in areas close to the leading universities of Moscow.

In General, Intermark Savills, according to Moscow's most expensive apartments, with a budget of 15 million dollars for a month today accounts for about 5% of the requests. This, said Kulikov, the average budget proposals following the results of 3 quarters of 2014 year amounted to 7.6 thousand dollars a month – is less than 4% for the same period of the year 2013.

Predictions

In its forecasts about the development of the situation, all the experts, whom RIA Novosti, neoriginalny. Most believe that the downward trend in rental rates at the luxury housing will remain at least until the end of the year. "We expect rental prices before the end of the year will be gradually adjusted downwards, but within 10% ", for example, said Kulikov.

In addition, it is expected that at the end of this year to increase the number of calls from clients who want to move from a previously rented and, taking advantage of the crisis to get more interesting apartments for accommodation in Moscow.

Topic: RIA, NIKA, FEC, REALTORS, REALTOR

Apartments for rent in Moscow: data on 31 August Apartments for rent in Moscow: data on 31 AugustLuxury apartments in Moscow have fallen in price in 2009 to 15% in U.S. Luxury apartments in Moscow have fallen in price in 2009 to 15% in U.S.

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