Market Focus: St Petersburg, Russia
St Petersburg is located in the north-west of Russia on the River Neva at the head of the Gulf of Finland on the Baltic Sea. It is the country’s second largest city after Moscow, with a population of approximately 4.9 million inhabitants. St Petersburg is often referred to as Russia’s cultural capital, and the historic centre of the city is a UNESCO World Heritage Site. The city hosts more than 100 festivals annually and is home to more than 200 museums, of which The Hermitage is the largest in Russia and one of the largest in the world. The city is also an important port and trade gateway with three cargo seaports: Bolshoi Port St Petersburg, Kronstadt and Lomonosov. The city is the main link between the Baltic Sea and the rest of Russia via the Volga-Baltic Waterway.
Real estate overview
Russia saw solid GDP growth over 2012 at 3.4 percent and, despite a somewhat disappointing first quarter of 2013, the economy is expected to expand by 3.2 percen