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Stampede Into Crimean Real Estate Hits Hurdles

Russias business ombudsman Boris Titov called land ownership inCrimea a big problem.

Published: April 9, 2014 (Issue # 1805)



  • A view of the waterfront of Sevastopol. Russians have been in a rush to snap up property since the annexation but are facing administrative barriers.
    Photo: Alexxx Malev / flickr

Wealthy Russians, eager fora holiday residence bythe idyllic Crimean seaside, were burning up thephone lines oflocal real estate agencies even before Russia officially declared its annexation ofthe Ukrainian peninsula.

However, ahost ofuncomfortable practicalities not least among them thelikelihood that purchase agreements would not be internationally recognized are fornow holding themarket incheck.

Thesurge inapplications ononline real estate portal Nadezhda-Krym began about aweek prior tothe referendum on Mar. 16 inwhich more than 96 percent ofvoters inthe territory supported joining theRussian Federation, thewebsites director Nikolai Pisarkov said Monday. Military forces widely believed tobe Russian have been incontrol ofthe peninsula since late February.

Thenature ofthe applications has also changed, he added. While Russians were interested inpurchasing apartments andhouses inthe past, they are now also considering buying plots ofland forfurther development.

Over thelast two months theportal has also noted anincrease inapplications fromcertain regions ofeastern Ukraine, such as Donetsk andLugansk.

Prices onreal estate are higher inRussia, so just as inany market, people want tobuy ata moment ofcrisis andsell when theprices go up,Pisarkov said.

Some Russian firms are already seizing onto thenew market. Good Wood, acompany specializing inthe construction oflog cottages, plans toinvest $20 million inthe region over thenext two years, founder Alexander Dubovenko said.

Thecompany is opening asales office inthe region andwill begin constructing houses forcustomers with land inthe region. They are also searching forthree large plots ofland onwhich tobuild their own settlements ofcottages, which will go onsale inMay 2015.

Thepeninsulas new government is anticipating avast wave ofdevelopment as Russian business enters theregion.

We are really counting onCrimea turning intoa big construction site. We are inspired bythe example ofSochi, theregions new Deputy Prime Minister Rustam Temirgaliyev told RIA Novosti.

Many grave systemic issues persist, however, which are likely tohold themarket incheck foryears tocome.

Fornow, it is impossible tobuy or sell properties inCrimea. We cannot perform basic transactions, such as thesale ofreal estate, because we have no registration database. Kiev has blocked our access toit, Temirgaliyev said.

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ALL ABOUT TOWN

Wednesday, July 23


SPIBAs Legislation & Lobbying Committee invites everyone interested in the practical aspects of courts and procedural law to todays Legal Debating Club at 9:30 a.m. at the Mertens House, 21 Nevsky Prospekt, office 506. Visit spiba.ru for more details.


Take advantage of the sunny summer days and participate in Beach Games 2014, which runs through July 27 in Sestroretsks Dubki Park.



Thursday, July 24


Liliana Modiliani, a well-known Russian stylist, will talk about choosing clothes that fit during her lecture at 7 p.m. at the Pryamoy Efir art club, 13 Viborgskoe Shosse.



Friday, July 25


Discuss Russias economic and political prospects for 2014 during a Business Breakfast organized by SPIBA at 9.30 a.m. in the Bank Saint-Petersburg office at 64


Malookhtinsky Prospekt.


Start your weekend with adorable miniature pigs at the Squealing Pig festival at 7 p.m. this evening in the Karl & Friedrich restaurant, 15 Iozhnaya doroga, on Krestovsky Island.



Saturday, July 26


Hundreds of brand-new and retro cars, drag and drift shows, test drives and karting are planned for the Avtobum-2014 festival, which will take place in front of the RIO shopping center at 2 Fuchika Ulitsa.


Participants in todays SaniDay Summer competition will impress visitors with their hand-made, unusual and hilarious boats, which will race at the Igora Resort near the 54th kilometer on Priozerskoe Shosse.


Metro Family Day will include both serious lectures for adults and master-classes for children, making the event interesting for the whole family. To participate, come to Kirov Park on Yelagin Island.


Photography will be the focus of todays Photosubbota, which features lectures by famous photographers, meetings with photo schools and studio representatives, and participation in a photography competition. The event starts at noon at Petrokongress, 5 Lodeynopolskaya Ulitsa.


If you like cycling, make sure to visit the Za Velogorod Festival with its retro bike exhibition, market and live music. The second round of the Leningrad Criterium race will also take place during the event at Petrovsky Arsenal in Sestroretsk.



Sunday, July 27


Navy Day will be celebrated with a weapon and military transportation exhibition, self-defense master classes and concerts. The event starts at 1 p.m. in the 300th Anniversary Park of St. Petersburg.



Monday, July 28


Dont miss a chance to see the latest achievements in robotics during the RoboDom interactive show, exhibiting more than 150 robots. The show will be at BUM center, 22/2 Gzhatskaya Ulitsa, until Aug. 3. The entrance ticket costs 350 rubles ($10).



Tuesday, July 29


A video of a Queen concert from 1986 will be shown today at 8 p.m. in Yaschik, 50/13 Ligovsky Prospekt.



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