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30 Sep, 2023 09:43

Leading Emirati property developer eyes Russian market

A prominent UAE firm plans to go forward with construction projects in Moscow
Leading Emirati property developer eyes Russian market

UAE developer Reportage Properties plans to launch construction projects in Russia in the near future, the company’s managing director Andrea Nucera told reporters this week.

He said three sites are currently being considered, including one in the south of Moscow. Negotiations are reportedly underway on cooperation with a local developer.

“The implementation of the projects is planned to begin in the next nine to twelve months,” Nuchera announced.

The UAE company’s financial model does not involve credit funds, its managing director explained, noting that the firm can easily adapt to local legislation.

In the meantime, a sales office has been opened in Moscow to coordinate projects which are currently being developed in other countries, Nucera said. Reportage Properties reportedly also aims to enter the Belarusian market.

Founded in 2014 in Abu Dhabi, Reportage Properties is one of the largest private developers in the United Arab Emirates, with projects in the UAE, Egypt, Türkiye, Morocco, Saudi Arabia, and other countries.

A recent study by IBC Real Estate showed that investment in Russian real estate surged 75% as of mid-September in annual terms. By the end of 2023, the figure is expected to break last year’s record of $6.2 billion.

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