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The amount and rates of building real estate in Crimea

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The amount and rates of building real estate in Crimea

The attractiveness of the Crimean real estate for investments confirms the eternal truth: “the proposition is born by the demand”. According to the press, for the last few years the growth rate of building in Crimea has greatly increased, and the demand keeps growing too, despite the fast growth of the prices for immovable property, from land and secondary market objects to new buildings.

As far as the best investment situation is now in Sevastopol and Yalta, these cities are developed most actively.

Only few years ago it was slack at the building market, but according to LIGABusinessInform since 2003 in Sevastopol the amount of annual commissioning of only residential property doubled - from 60 000 sq. meters of housing to 120 000 as it is planned for 2007. In the first six months of 2007 in Sevastopol there were more than 50 large building sites working, at 32 of them residential buildings were being raised. 18 others belonged to commercial and office property.

In Yalta in four years the amount of building has quadrupled - from 23 000 sq. meters in 2003 to more than 110 000 sq. meters, expected in 2007. In spring in Yalta there were 30 building sites working, 17 of them were residential buildings. It is planned to start building at 10 more sites during a year.

The specialists expect further increase in residential and commercial building amounts in Sevastopol and Yalta regions in 2008-2009.

As for the building rates in Crimea, modern technologies allow to build quite fast, those using monolithic ferroconcrete foundation, monolithic carcass basement and local building materials in particular. To some extent real estate building rate depends on investors.

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