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Real estate spurs Russia's economic growth

Overview

Real estate has been at the forefront of Russia’s economic recovery and is far outpacing this year’s overall GDP growth surge. In the first five months of 2007, residential construction is up by a whopping 42 per cent year-on-year, with prices still rising fast after their surge of around 50 per cent in 2006. The same story is playing out in all segments of the commercial property market: the construction frenzy is making little impact on the shortage of supply of quality property....

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