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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

Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during todays Djembe and Vuvuzela, a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of todays round table discussion on Interaction with Trade Unions being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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