Moscow real estate market is to come to pre-crises level by 2014-2015 year

06/09/2010

Moscow real estate market is to come to pre-crises level by 2014-2015 year

Moscow real estate market will reach the pre-crises level not early than in 2014-2015 years, announced the deputy mayor in charge of property and land relations Vladimir Silkin.

According to him, the crises had the most impact on realty market of the capital. The price cut down exceeded in 2009 year 45%, rental rates decreased more than twice. It had an impact both on the decrease of constructing volume and on economics of constructing companies, explained Mr. Silkin.

At that the deputy mayor declared that Moscow authorities softened the crises impact by decrasing of rental rates for city property and installment payments. He added that furthermore city authorities are to keep principle of remaining in the city ownership of the real estate objects and earning of income from rental payments.