Urban Real Estate Markets in Russia: The Current Stage

Summer 1998, Vol 23, No 2

Abstract: The article reviews major processes and trends in Russian urban real estate markets from 1993 to 1997. It reports on the scope of real estate privatization and the specifics of markets for residential, commercial, and industrial properties. It also discusses the role of local authorities as “actors” in the market; the relationship that exists between real estate investment and development; and the involvement of real estate in the shadow economy. The author points out two positive trends: 1). the almost explosive growth of real estate markets; and 2). the increasing competition among regions and municipalities for attracting private investment in local economic development and reconstruction of their cities.