Property News

It's spring and sunshine outside and the weather is getting better

It's spring and sunshine outside and the weather is getting better

It's spring and sunshine outside and the weather is getting better…

aiGroup's president Kim Waddoup reviews the results of the VI Moscow International Investment Show

- This is already our second property show in this year. The first was Bulgarian Home held in February and so we've entered the show season, so to say. No surprises - everything goes on as it should. March has come, the weather is better, and many people turn up at our show, as you see. There are 6,000 visitors odd - more than at the same show last year. Both the participants and organizers are very content.

- Did you have any problems as the organiser?

- I wouldn't say so: I keep my finger on the pulse. There are some trials we had to pass through and we did so successfully. Overall doing business in Russia is a certain challenge, but we've long been meeting it… In general all is fine.

- What would you say about the situation on the market?

- It's getting clearer all the time. When the crisis broke out, people invested abroad in the hope to preserve their savings. Later, when markets crumbled, it wasn't clear where to invest and furthermore many could no longer afford property acquisition. Now the situation has cleared up. People, coming to our show, better define their objectives and have a better understanding why they need real estate abroad. They much feel the specifics of various destinations way better and have a clear picture of what they want and why.

- Are they willing to buy?

- First and foremost many are ready to make an inspection tour - in other words, not just to visit the show and look at the offer, but also to go on a journey and see properties with their own eyes. According to our information, 20% of the visitors are braced for an immediate purchase, 40% are willing to buy during the next three months, while others have a narrow look at the market, tracking down the bids. In general the market is robust, judging by the number of currently held shows. I believe sales will start growing in spring…

- Can you say that the crisis is already behind?

- This is too general a question. First of all, I'd say that the crisis is not as acute in Russia as it is in other countries. Russia has many good aspects, many points of growth. This country did not suffer such losses as a number of Middle East nations, for example. But I'd rather point to the need of the Russian overseas property market reorganisation. Much ought to be revised. Some developers say the crisis is over and so it's time to raise the prices. This is the worst thing that can ever be done. Each should change something in his business. Participation in exhibitions now requires a more professional approach from exhibitors: they should be more open with visitors and try to understand their needs.

- You are an optimist, are you?

- Yes, I am! I always hope for the better. We all need positive thinking. Look, the weather is getting better, the sun is shining, snow is melting and we put on our regular shoes…