Urals Premium Property is Sold by Auction

03.06.2009 — News

The residents of the Urals Federal District are active in acquiring real estate abroad. At the same time the prices for expensive housing in the Urals cities are visibly sagging.

The demand for apartments in Bulgaria is the highest - one-third of the foreign real estate purchased by the Urals residents is on this country's coast. Apartments in Montenegro (23%), the Czech Republic (18%), Spain (15%), and Cyprus (6%) sell well, too. The contract amounts are mostly within 150 thousand Euro, although the Ugra and Yamal residents are ready to spend two or three times as much on houses and villas.

At the same time the Urals premium property is sold by auction. One of the banks proceeded to judgment for the attachment on a de luxe apartment in the Tikhvin Club House where famous Urals business people and politicians live. The purchase of the apartment in the centre of Ekaterinburg, valued at 17 million roubles, was funded by a mortgage loan. In autumn 2008 the borrower stopped paying the bank, and the lenders had to apply to court.

As the Court Bailiffs Service told RusBusinessNews, the apartment will be put up to auction but it will hardly sell at such a high price. The Russians have begun to buy cheaper apartments in ecologically clean areas on the coast instead of costly penthouses in industrial megapolises.