DEC 2012/JAN 2013 |
www.opp-connect.com Letter from Russia
Russians have been spending an awful lot of money overseas - that’s some- thing we already know, but Kim Waddoup provides the data behind it
spending overseas. This is now backed up by fi gures released in November by the Central Bank. Capital fl ight from Russia accelerated in 2012 and may reach $70 billion by the end of the year amid moderate infl ation, the Central Bank said. Net private capital outfl ow reached
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$61 billion during the fi rst nine months of the year, exceeding the previous year’s result by $1 billion, Central Bank Chairman Sergei Ignatyev said at a meeting in the State Duma.
The Central Bank forecasts that annual capital fl ight will reach $67 billion in 2012. But the Economic Development Ministry does not rule out that the fi nal number will be closer to $70 billion. Capital fl ight totaled $84.2 billion
in 2011, far exceeding initial offi cial forecasts and analysts’ expectations. Speaking about the infl ation outlook, Ignatyev said there are good
ell, I am sure your readers will be aware of the huge sums Russians have been
chances infl ation will drop below 6% within a year, while it is likely to stay in the 6.5 to 7% range for the remainder of 2012.
Both export and import activity
demonstrated a 3% growth in the fi rst nine months of the year, Ignatyev said.
This was also good news for the many international realtors and
“The winter season ended with a busy week, with two well- attended Russian exhibitions”
developers who took part in these seasons International Property exhibitions held in Russia. The winter season ended with a busy week, when international delegates attended the 3rd Russian Property Summit and the 16th Moscow International Property Show. These summits have been designed
to enable international developers and realtors to listen to local experts
explaining the methods of marketing international property to attract serious Russian investors. Over 240 Russian agents queued to talk to the delegates about representing them in Russia and the summit overran by three hours. This summit was a big success, which will be repeated again next November. At the same time over 200
exhibitors from Europe to the Pacifi c Islands took part in the property show offering mid-range to luxury real estate. Held in the centre of Moscow at the Tishinka exhibition centre the exhibitors included developers, constructing companies, consulting fi rms, real estate agencies, state organisations specialized on investing and economic development, fi nancial experts and mass media.
The Moscow International Property
Show, which is held twice a year, attracts more than 7000 people. There’s a tendency of mutual interest: real estate and property companies pay more attention to Russia in a few last years, due to Russian investors ability as serious real estate market
LETTER FROM RUSSIA & FLORIDA | 49
Kim Waddoup, CEO at aiGroup. aiGroup are based in Moscow and organize a number of popular International Property exhibition in Moscow and St Petersburg every year. They also publish twice a tear the leading overseas property magazine International Residence and own
www.1-property.ru Kim@aigroup.ru www.aigroup.ru
players in very different countries including such authoritative states such as Great Britain, Switzerland, Canada, USA. This is now supported by the Central Bank’s data.
Letter from Florida
Florida’s Housing Market Continues Positive Trends in Oct. 2012 UK buyers need to act quickly to secure property bargains in Florida
but also for the investment potential. Opportunities even exist for would-be Florida landlords to purchase property with tenants already living in the house. In addition, Florida is home to an incredible variety of culture and fi ne arts, world famous attractions, and endless outdoor pursuits. It consistently earns top rankings in polls of “most desirable places to live” in the USA.
I
Now is the time to buy in Florida. Sales numbers and home prices have both been rising, and we expect the trend to continue as more international buyers take note of the opportunities here, and the market’s recovery gains traction. There are some real residential bargains to be found for British buyers. Bargain prices are made even more advantageous by the dollar-pound exchange rate. Perhaps for these reasons, sales to international buyers in Florida accounted for over a quarter of all international property market sales last year. Recent research reveals buyers from Canada,
nternational buyers are drawn to Florida not only for its amazing weather, beaches and attractions,
Brazil and Venezuela are joining British buyers in taking increased advantage of Florida’s property bargains. Buyers who have been waiting on the sidelines should see this as a sign to jump in before the market escapes them again.
“Buyers who have been waiting on the sidelines should see this as a sign to jump in to the market”
Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October. The state’s latest unemployment rate fell to 8.5%, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.
Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3% compared to the year-
ago fi gure. Closed sales typically occur 30 to 90 days after sales contracts are written. Meanwhile, pending sales – contracts
that are signed but not yet completed or closed – of existing single-family homes last month rose 56.7% over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9% from a year ago.
As Florida Realtors Chief Economist
Dr. John Tuccillo recently said, “Once again, everything that should be going up in the market is going up, and everything
“As impressive as the year-over year gains are, more impressive are the year-to-date gains”
that should be going down is going down.” It is also important to note that as impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of
John Sebree joined the Florida REALTORS® in 2003. As Senior Vice President of Public Policy, John plans, organizes and controls the lobbying and political infl uence activities of the Tallahassee offi ce. johns@fl
oridarealtors.org
this recovery. To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media. fl
oridarealtors.org/ and look under Latest Releases, or download the October 2012 data report PDF under Market Data at: http://media.fl
oridarealtors.org/market-data Florida Realtors® is the largest trade
association in the state with more than 115,000 members.
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