Knight Frank: Russia’s real estate investment falls 16% in Jan–Mar

MOSCOW, Apr 1 (PRIME) -- Investment in Russia’s real estate fell by 16% to 51 billion rubles in January–March hurt by the global COVID-19 pandemic, and falling demand for crude that triggered national currency devaluation and growing uncertainty, residential and commercial property consultancy Knight Frank said in a statement on Wednesday.

“We expect that many property deals will be postponed to July–December or will never happen,” the company also said.

The market demonstrated a 16% year-on-year fall in real estate investment, and overall investment amounted to 50.8 billion rubles, the company said.

The share of foreign investors fell significantly to just 2% as compared with 28% in the same period of 2018.

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