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Obama Sanctions Boost Crimean Real Estate Market Print E-mail
by Tom McGregor    Thu, May 8, 2014, 01:52 AM

Amidst Obama Sanctions on Moscow, Russian investors are pouring their money into Crimean real estate deals.

According to the Moscow Times, "Prices for Crimean residential real estate have risen dramatically since Russia's annexation of the Black Sea peninsula, Itar-Tass and RIA Novosti reported. "The demand for apartments and commercial-recreational facilities is beating all records from 2005 to 2007," Ruslan Burdeiny, general director of Crimean construction company Monolit, told Itar-Tass. Burdeiny added that he has seen prices rising by 50 to 60 percent in the last two months alone."

President Obama may soon ban Russians from investing the United States. Hence, Russians see Crimea as the next land of opportunity.

As reported by the Moscow Times, "Konsol-Stroi, a major Crimean construction company has seen prices rise by 20 to 50 percent in the last month and half. The cost of a square meter has risen to $1,500 from an average of $1,000, according to Konsol-Stroi director Galina Kovalenko, RIA Novosti reported."

Crimea is expected to become the hotspot for Russian real estate investments.

To read the entire article from the Moscow Times, link here:

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