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Capital Markets

Russia: Pendulum swings again for real estate

Volatile, opaque market makes for rollercoaster ride; Structural demand/supply levels give grounds for hope

Respect property rights’
Police detain a man protesting against the demolition of houses at a rally in Moscow in February. Critics say the sudden demolition demonstrates the unpredictable application of property rights and lack of legal transparency in Russia. The banner reads: ‘Respect property rights’

Given that Russian real estate went from boom to virtual bust in a twinkling of an eye in 2008/09 – wiping out billions of dollars of equity investments in the process – it’s perhaps startling to see that some market participants are already characterizing the sector as one of the leading high-yield plays on economic recovery in the country. But with St Petersburg-based developer LSR Group preparing to launch a secondary share placement that could raise as much as $500 million as Euromoney went to press, the pros and cons of the Russian property markets are set to swing back firmly into focus.

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