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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, Oct. 22


English teachers can expect to receive a few useful pointers today from Evgeny Kalashnikov, the British Council regional teacher, during the EFL Seminar this afternoon hosted by the British Book Center. The topic of todays seminar is Grammar Practice.


Young Petersburgers will get the chance to jumpstart their careers at Professional Growth, a job fair and forum featuring more than 40 major Russian and international companies vying for potential candidates for future positions. The forum not only is a chance to network but also to learn more about the modern business world and to understand what it takes to get the job you want.



Thursday, Oct. 23


AmChams Public Relations Committee meeting is scheduled to meet this morning at 9 a.m. in their office in the New St. Isaac Office Center.


Sportsmen get their chance to stock up on all kinds of gear at the Hunting and Fishing 2014 exhibition starting today at Lenexpo. Everything from rods and reels to boats, motorcycles and equipment for underwater hunting will be on sale so that any avid outdoorsman can always be prepared.



Friday, Oct. 24


SPIBAs ongoing Breakfast with the Director series continues today, featuring Tomas Hajek, Managing Director of the Northwest Division at Danone Russia. Hajek will be discussing collaborations between businesses from different cultures. The meeting is at 9 a.m. at the Domina Prestige St. Petersburg hotel and all who wish to attend must confirm their participation by Oct. 23.


Get your gong on at Sounds of the Universe, a concert at the city planetarium this evening incorporating six different gongs to create relaxing songs that will transport you upwards into the stratosphere. Tickets are 700 rubles ($17).



Saturday, Oct. 25


AVA Expo, the eighth edition of the event revolving around all things pop culture, returns to Lenexpo this weekend. Geeks, nerds, dweebs and dorks will have their chance to talk science fiction and explore a variety of international pop culture. Tickets for the event can be purchased on their website at avaexpo.ru.



Sunday, Oct. 26


Zenit St. Petersburg returns home for the first time in nearly a month as they host Mordovia Saransk in a Russian Premier League game. Currently at the top of the league thanks to their undefeated start to the season, the northern club hopes to extend the gap between them and second-place CSKA Moscow and win the title for the first time in three years. Tickets are available at the stadium box office or on the clubs website.



Monday, Oct. 27


Today marks the end of the art exhibit Neophobia at the Erarta Museum. Artists Alexey Semichov and Andrei Kuzmin took a neo-modernist approach to represent the array of fears that are ever-present throughout our lives. Tickets are 200 rubles ($4.90).



Tuesday, Oct. 28


The Domina Prestige St. Petersburg hotel plays host to SPIBAs Marketing and Communications Committees round table discussion on Government Relations Practices in Russia this morning. The discussion starts at 9:30 a.m. and participation must be confirmed by Oct. 24.



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