RENOVATION

Of special interest to UK investors, is the development of residential apartments in central Moscow to top Western standards for sale or buy to let purposes. There are many apartments in Moscow which are in prime locations but remain in 1940's or earlier condition. They require extensive renovation to bring them up to western standards for renting out at high rents or reselling at profits up to 50% after renovation.

Russianbiz.net is actively involved in these projects with the renovations being carried out by a British company based in Moscow who specialises in this work and who have much experience over many years in Moscow.

A time scale of six months is normal for this scenario, from buying to selling or renting out. Certain Moscow based Western banks offer mortgages and ITC/Astera can provide management and letting portfolio services and mortgage, insurance and due diligence facilities.

Cost are at an average of $1800 per sq.m. plus renovation of $400 per sq.m. giving a total cost of $2200 and selling at around $3000 per sq.m. or renting at not less than $2700 per month.

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This is one of the most interesting and viable property market options available because there is a strong and increasing demand from Russians and Foreigners for good quality fully renovated western style apartments.

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Or Tel/Fax. 007-095-3037801 mobile 007-903-794496