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. Last Updated: 07/27/2016

Real Estate in Brief

Azov-City Land Auctions
The Krasnodar regional government will auction land this month for Azov-City, one of the four gambling zones the country plans to create next year, Kommersant reported Monday.
The regional government will offer 20 plots in the first auction for construction of casinos and hotels in the area, Krasnodar Deputy Governor Alexander Remezkov said, the newspaper reported. Russia plans to move all casinos and gaming halls in the country to four designed areas from July 2009.
Krasnodar will spend 500 million rubles ($21 million) on infrastructure for its gaming zone on the Azov Sea, Remezkov said.

Interest in Europe Booming
Russian demand for real estate properties in Europe rose 60 percent to 70 percent last year, said Yulia Titova, head of BEST-Nedvizhimost’s foreign property department, RIA-Novosti reported.
Cheap properties starting from 35,000 euros ($54,500) and better mortgage options are driving the demand, Titova said, the news agency reported. In the second half of 2007, the top two countries were Bulgaria and Montenegro, with 23 percent and 17 percent of the market, respectively. The top five was rounded out by Spain (16 percent), Turkey (10 percent) and the Czech Republic (8 percent), she said.

For the Record
LSR Group said Monday that it planned to sell 5 billion rubles ($210 million) of bonds.

PIK Group, the developer controlled by billionaires Kirill Pisarev and Yury Zhukov, said Friday that it would open a unit in Kazakhstan.