RISMedia's Real Estate Magazine

MAR 2017

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/790164

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Page 82 of 118

78 March 2017 RISMedia's REAL ESTATE A lexander Romanenko, founder and president of ADVECS, a Saint Petersburg, Russia full-service real estate firm, is a testament to the power of the global real estate community. Since 2006, Romanenko has served as the official representative of the international real estate federation FIABCI to the United Nations. He is also an honorary member and medal holder in the Russian Guild of REALTORS®, an honorary member of the Ukrainian Real Estate Association, an honorary academic of the International Academy of Mortgage and Real Estate, and the author of more than 100 real estate publications. He obtained his broker license in California in 1993 and Certified Property Manager Designation in 2002. Here, Romanenko discusses his firm, the real estate market in Russia, and the importance of connections around the globe. Real Estate magazine: Please tell us about your firm. Alexander Romanenko: ADVECS Real Estate Corp. was established in 1993 in Saint Petersburg and now holds leading positions in the Russian real estate arena with more than 2,000 agents and 20 offices operating in five cities: Saint Petersburg, Moscow, Voronezh, Nizhny Novgorod and Tumen. RE: Please describe your current housing market. AR: It's a strong buyer's market. The average price per square meter in Saint Petersburg decreased in 2015 to $1,500 and is now ris- ing. Depending on uniqueness and value of a property, the exposition (listing) time varies from two months to a couple years on average. Nowadays, the most lucrative investment is buy- ing luxury properties. The latest difference in currency rate has affected the price, which dropped three times against the U.S. dollar. Those who do not need to sell immediately capitalize on profit. RE: Has that changed in recent years? AR: The political and financial crisis has changed the buy- ing strategy. A period of rapid consumption was replaced by a period of conservative savings. Only those who have rational reasons are buying real estate today, however, due to the depreciation of the national currency, the vol- ume of U.S. investors is definitely growing. RE: What are the various types of properties available in your market, and which is the most popular? AR: Newly built and even in-progress apartment com- plexes are the most popular for local residential inves- tors, but both elite and commercial properties in unique locations are key targets, as well. Second to residential buildings, there is increasingly appearing apart-hotels (full-service apartments for long-term visitors or perma- nent living) and multi-functional apartment complexes. Russia: Ripe for International Investment {Global Spotlight}

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