Articles by Nadezhda Zaitseva



Foreigners Head Pulkovo Project

St. Petersburg's Pulkovo Airport will be expanded by Italian construction firm Astaldi and Turkish developer Ictas Insaat. The contract is worth an estimated 850 million to 950 million euros ($1.2 billion to $1.3 billion).

St. Petersburg Tries to Confiscate Landmark

The city of St. Petersburg is trying for the first time to confiscate a culturally significant building to ensure its preservation. The Rogov House, in the city's historical center, dates to the early 19th century and has been vacant for years.

Risk of Big Tax Loss as Okhta Site Faces Sale

The St. Petersburg budget could lose about 20 billion rubles in taxes from Gazprom Neft if the company selects a site for its office complex in another region of Russia after the controversial Okhta Center skyscraper plan was scrapped.

St. Pete Sells Building Rights for 3 Federal Landmarks

St. Petersburg City Hall has earmarked 161 million rubles ($5.2 million) for work to reconstruct three federal monuments as hotels. Companies have pledged tens of millions of dollars in investment.

Developers Resume Building as Industry Recovers

One by one, public developers are announcing strategy changes and unfreezing projects that were suspended because of the economic crisis.

St. Pete May Get Development Stake

Telegrad, a developer that is building a television complex and an art palace in St. Petersburg, is offering the city a stake in the project.

Marshals Seize Sold Apartments

The court has moved to take hundreds of apartments built by Stroimontazh to cover the St. Petersburg developer’s debt.

Marshals Seize Sold Apartments Over Developer's Debt

Baltiisky Bank is seeking to seize 1,700 apartments worth some 5 billion rubles ($173 million) to collect debt of only 250 million rubles from St. Petersburg developer Stroimontazh.

Mikhelson to Develop Property in Petersburg

The Novatek co-owner's company, Severo-Zapad Invest, on Wednesday bought at an auction 15 plots with a total area of 144.2 hectares in the Kurortny and Primorye districts of St. Petersburg, the press service for the city's property fund said.

State to Buy Apartments for Less

City Hall is now willing to buy 1,587 one-room apartments for 2.8 billion rubles ($89 million), a figure based on a price of 47,250 rubles per square meter, the press office for the city’s property department said.

Commercial Vacancy Rising in St. Pete

Rental rates in St. Petersburg shopping centers have fallen by almost one-third since the fall, and vacancy rates range from 10 percent to 30 percent, analysts say.

'08 a Record Year for Petersburg Builders

Developers built a record 3.2 million square meters of housing in St. Petersburg last year, although 2009 appears to be on track for a more modest year as many builders are putting off new projects.

Mortgages Down 30% in St. Petersburg

The slump in the global real estate market is now being felt in St. Petersburg, where mortgages have decreased since June.