218: UK property investment firm Savills moves into Moscow

Navigation trail: / latestnews / archive / 218 - published: 27-10-06

LONDON, Oct 26 (Reuters) - British property investment adviser Savills Plc (SVS.L: Quote, Profile, Research) said on Thursday it had entered the Moscow market through a property investment in residential estate agency Intermark with a view to transactions both in the UK and Russia.

"It is very exciting to be involved in the growing Moscow market as well as the potential for fantastic referrals of Russians wanting to buy in the UK," Jonathan Hewlett, the Savills director responsible for top-end London sales, said in a statement.

"In 2005 Russian buyers made up 21 percent of Savills sales of prime central London houses and apartments over 5 million pounds ($9.4 million), and already by October they have made up 25 per cent."

Branded as Intermark Savills, the company will specialise in consultancy, property investment and the sale of residential properties in Moscow and suburban areas.

It said the property investment markets in Moscow showed 15 percent growth during the first quarter of 2006, as increasing availability of credit and simplified property investment procedures have boosted investment demand.

House prices have recently soared to record highs in Moscow, with one square metre of real estate now costing $3,770, more than the average Russian income of $3,600 in 2005.

Source:

Reuters.co.uk