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. Last Updated: 07/27/2016

Britain's Savills Comes to Moscow

LONDON -- British property adviser Savills entered the Moscow market last week through an investment in residential estate agency Intermark with a view to transactions both in Britain and Russia.

"It is very exciting to be involved in the growing Moscow market as well as the potential for fantastic referrals of Russians wanting to buy in the U.K.," Jonathan Hewlett, the Savills director responsible for top-end London sales, said in a statement.

"In 2005, Russian buyers made up 21 percent of Savills sales of prime central London houses and apartments over ?5 million [$9.4 million], and already by October they have made up 25 percent."

Branded as Intermark Savills, the company will specialize in consultancy, investment and the sale of residential properties in Moscow and suburban areas. It said the property markets in Moscow showed 15 percent growth during the first quarter of 2006.