No messing: Russia continues to be attractive to real estate investors but with the usual emerging market caveats
The investment climate in Russia is improving, according to Cushman & Wakefield (C&W), which reports that investment activity in the Russian market reached a record level of $3.39 billion (€2.6 billion) in the first quarter of the year — almost half of the $8 billion (€6.2 billion) projected for all of 2013.
The office property sector was preferred by investors, with $1.58 billion (€1.2 billion) in total investments. The largest office space delivered in the first quarter was the White Gardens Office Centre in Moscow, which is adjacent to the White Square Office Centre, completed in 2009.
The retail market has beaten its own record of Q1 2012 with the opening of the massive Metropolis shopping centre in Moscow and the Russian shopping centre market will expand significantly over the next 12–18 months, according to C&W.
Investor concerns impede investment progress