Investors in Moscow Since Beginning of the Year Purchased Urban Real Estate Worth 2.5 Billion Rubles
“From January to August 2019, 295 city real estate objects with a total area of 38.7 thousand square meters worth 2.5 billion rubles were sold at the auction. The number of objects acquired at the auction for eight months of this year has already exceeded the number of non-residential premises, purchased by Moscow entrepreneurs from the city for the whole of 2018", the press service of Moscow Deputy Mayor Vladimir Efimov quoted as saying.
He added that the indicators for the sale of real estate since the beginning of 2019 have not only exceeded the data for the previous year, but also have become record highs for the entire time of the city sales, that is, since 2013. “This indicates the readiness of Moscow entrepreneurs to cooperate with the city, as well as the demand for the premises themselves to open a business", Yefimov said.
According to the head of the Moscow City Property Department Maxim Gaman, who is also quoted by the press service, sales of a record number of city objects were achieved primarily due to an increase in the pool of premises put up for auction. In addition, according to him, since the beginning of 2019, the city began to actively use the method of selling real estate through a public offer and without announcing a price.
As part of a public offer, investors can purchase city properties at half price. To participate in the auction, a deposit of 20% of the initial price of the object of sale is set. To conduct tenders, at least two applications for participation are required. The winner will be the participant who offered during the bidding the highest price of property.