Q1 2014 Investors Presentation FINANCIAL & BUSINESS RESULTS May 2014
Disclaimer
This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice. 2
SECTION 1
Company Overview
Company at Glance Market Cap, as of May 19, 2014 Price per share, as of May 19, 2014
US$ 0.72
NAV (Equity), as of March 31, 2014
US$ 1.71 bn
NAV per share, as of March 31, 2014
US$ 1.64
Portfolio Value*
•Full cycle real estate developer
US$ 0.75 bn
US$ 2.5 bn
BUSINESS
FINANCIAL STABILITY
•14 completed projects with total c. 0,6 mln sqm of space
•13 years on the market
Land Bank 1%
HISTORY
•Admitted to LSE in 2007 •Premium listing from 2010
TRACK RECORD
Under Construction 9%
•Strong global brand
Yielding and Hotels 22%
BRAND * Gross Asset Value of Portfolio based on C&W Valuation as for 31 December 2013 and BV of Land Bank projects, Trading Properties and Hotels( inc. JV)
•Affiliate of Africa Israel Group (64,88% owner) , a major conglomerate with global focus on real estate, construction and infrastructure
•Impeccable credit history •Market reputation for high quality and professional property management
•Free float – 35,12% 47% AFIMALL
•Secured financing for ongoing projects • 30% Debt to Total Assets**
•Primary market: Moscow, Russia
Portfolio Value* Development Projects 21%
•Focus on unique large scale commercial and residential projects
•Strong liquidity position: US$ 148,7 mn as at March 31, 2014
•Substantial income generating portfolio. Major project AFIMALL PORTFOLIO
•2 Projects are in active stage of development •5 Pipeline projects & land bank
** Bank loans only 4
Key Projects in Moscow Yielding Assets (retail, offices and hotels) US$ 1.7 bn
Value** ( C&W, Dec, 31 2013):
Tverskaya IB
Riversede Station AFIMALL
195K sqm
GLA(excl. hotels),sqm: NOI stab. PLAZA SPA Kisl*
PLAZA SPA ZHEL* Aquamarine III
US$ 204 mn
( excl. hotels):
Ownership:50% * * Hotels presented with cost value
Aquamarine Hotel Paveletskaya,1
* Outside of Moscow
H2O
Projects Under Development Value**
US$ 760 mn
(afid share, C&W):
Odinburg**
Expolon
Paveletskaya II
Plaza IC
Plaza iia
GLA,sqm:
217,6K sqm
GSA,sqm:
c. 588,4K sqm
Pochtovaya
Plaza IV
Active phase of construction
** Odinburg presented with cost value
Land Bank
Yielding Assets Projects under Development
Value (BV):
US$ 16 mn
Completed Assets
Other 5 Note: the NOI projections are “forward looking statements� based on C&W valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions
SECTION 1 Project Update Yielding Projects
AFIMALL City Update
AFIMALL CITY (as of March 2014) Total GBA, sqm
283,2K
Total GLA(shops, offices, storage), sqm
107.2K
Occupancy end of March, (as % of GLA total)
83%
Parking lots, numbers
2,075
Stabilized NOI (C&W est.)
US$149.2 mn
MV (C&W est.)
US$ 1.160 bn
Loan balance as for March, 2013
During Q1 2014, AFIMALL City The occupancy level reached 83% at the end of Q1 2014 compared to 73% at the Q1 2013 and compared to 79% in Q4 2013. The major agreement was signed with tenant “Fizika”, a fitness club, (3,200 sqm), which will start operating in June 2014. The daily average footfall increased by 26% in March 2014 compared to March 2013. In February the Company paid 37.5$ mn USD to GUP City, and it was paid by using the last tranche of the loan bank.
US$ 607mn
Revenue, mn USD Operating Expenses, mn USD NOI
Q1 2014 28.0 (11.1) 16.8
Q1 2013 Change, % 23.2 20% (8.6) 14.6 15% 7
AFIMALL and Moscow-City Development
AFIMALL
By 2015 total office stock expected to reach 1.0 m sq m Following the delivery of Eurasia Tower in Q1 2014 (90K sqm) , the total stock in Moscow-City reached 676K sqm. By the end of 2014, market expects it to growth further with the commissioning of OKO MFC, while in 2015 the delivery of Evolution Tower (78K sqm), IQ-quarter (107K sqm) and possibly part of Federation Tower East (101K sqm) will bring the total stock of MoscowCity to 1m sq m.
MOSCOW CITY DEVELOPMENT Existing Office Complex 0 – Tower 2000 4 – Imperia Tower 8 – CityPoint 9 – Capital City 10 – Naberezhnaya Tower 12 – Eurasia Tower 13a – Federation Tower (West) 19 – Northern Tower 6, 7 – Central Core (AFIMALL City)
Under Construction 2, 3 – Evolution Tower 11 – IQ-quarter 13b – Federation Tower (East) 14 – Mercury City Tower 16a – OKO 16b – Parking
Planned
About 120K workforce are expected to work in the Moscow City area by the time all planned office has been constructed The Moscow City vacancy rate increased to c. 37% due to the recent launching of the new building Eurazia Tower. 2 additional metro lines: Prolongation of Tretyakovskaya till Ramenki, construction of Hordovaya with 4 different lines connections (Vystovochnaya, Polezhaevskaya, Hodinskoye Pole, Dinamo, Savelovskaya) by 2015 – 2016. One of the major deals that was singed in Q1 2014 in MCC were the agreement to lease the 2,336 sqm in Naberezhnaya Tower.
15 – Moscow City Government Building The new metro station Delovoy Center, which has a direct access to the mall, 20 – Exposition and Business Center has started its operations. 8
AFIMALL and Moscow-City Development
AFIMALL
9 Based on C&W report
Yielding Properties
Building
****
AFIMALL
Ozerkovskaya III
Moscow Moscow City
Berezkovskaya
Moscow CBD Office A & Street Retail
Moscow
61,772
107,208
Parking lots (total), #
2,075
Ocupancy rate, %**
Location Class
Average rent as of 31.12.2013, $/sq m
*
NOI stab (C&W est.), US mn NOI Year 2014 (C&W est.), US mn MV,US$ mn***
H2O
Tvesrkaya Plaza Ib
Moscow
Moscow
Office B
Office B
11,612
6,008
16,246
46,247
10,250
6,008
466
150
83%
-
1,224
750- Office 500 - retail
149.2
Aquamarine Hotel*
Plaza SPA Kislovodsk
Plaza SPA Zheleznovodsk
TOTAL
Moscow CBD Office & Street Retail
Moscow CBD
Kavkaz region
Kavkaz region
Hotel
Hotel
Hotel
10,698
2,104
8,931
25,000
11,701
437K
14,085
8,990
1,909
159 keys
275 keys
134 keys
195K
-
126
81
-
15
-
15
91%
95%
96%
76%
95%
71%
56%
59%
579
594
365
357
689
ADR 231
ADR 371
ADR 223
38.4
5.2
2.5
4.5
2.7
1.3
-
-
-
204
89.0
12.2
4.6
2.8
2.9
1.6
0.9
-
-
-
114
1,160
324
38.5
32
29.6
17.3
8.8
28.1
22.7
20.3
1,681
283,128
GLA, sqm
Paveletskaya, bld. 1
Moscow CBD Office & Street Retail
Retail
GBA, sqm
Tverskaya Plaza II
Office B
* Current rent presented as for the end of December 2013, except AFIMALL. AFIMALL average rent is for March 31, 2014 ** Occupancy presented as for the end of December 2013, except AFIMALL. AFIMALL occupancy is for March 31, 2014 *** MV based on C&W valuation as for 31.12.2013. Hotels presented by cost value and 100% of the project **** Information after disposal of 1 Bld Project is not leased yet
10
SECTION 2 Project Update Development Projects
Odinburg Residential
ODINBURG (as of March 2014) Type
Residential
GBA,sqm
739,1K
GSA, sqm/GSA commercial total: Phase I, sqm: Phase II, sqm:
469,3K 149,4K 319,8K
Apartments, total :
8,773
Phase 1: Stage 1
2,526 662
Parking units:
The construction of the project is progressing according to the development plan. (9th floor)
The Company is still negotiating the favorable terms with several banks. As of today 154 apartments have been signed (equal 8,472 sqm)
2,044
12
Plaza IC ( 2 Brestskaya, 50/2)
PlAZA IC (as of March 2014) Total GBA, sqm
51,2K

The Company is on final stage of pre-construction works. Tender on choosing the General Contractor is ongoing.
Ownership
100%

Upon the agreement with GC is signed, the Company will be ready to choose the most favorable terms between several banks
Total GLA, sqm
32,4K
Parking lots, numbers MV (C&W est.)
280 US$ 110,6mn
13
Main Pipeline Projects Plaza IV (Gruzinskiy Val, 11)
PLAZA IV
(as of March 2014) Type Ownership GBA,sqm GLA/GSA, sqm Parking units:
PAVELETSKAYA II
95% 108,0K
(as of March 2014) Type
1,210
The Company finalizing the borders of the land plot.
GLA/GSA, sqm
(as of March 2014)
Residential, retail
Ownership
58,6K/2,7K GBA,sqm
Status:
•
POCHTOVAYA
Office A, retail
100% Type
Residential, retail
151,4K Ownership 21,0K/53,2K GBA,sqm
Parking units: Status:
1,760 GLA/GSA, sqm
100% 170,3K 28,K/63,1K
Parking units: Status: PARAMETERS:
• The Company is approving the demolition Type: of Mixexisting premises GBA, sqm: GLA, sqm: MV(C&W),mn:
1,771
• The Company is working on concept 111,7K 90,3K S$ 103,5
14
SECTION 3
Financial Update
Consolidated P&L #
Q1 2014 Q1 2013 Actual Actual
ITEM ('000)
(1)
Construction consulting/management services
(2)
Rental income
(3)
Sale of residential and trading property
(4) TOTAL REVENUE
-
0.0
36.7
33.1
-
0.2
36.7
33.4
1.7
3.2
(5)
Other income
(6)
Operating expenses
(21.8)
(21.4)
(7)
Administrative expenses
(7.4)
(4.0)
(8)
Cost of sales of residential and trading property
(9)
Other expenses
(10) TOTAL EXPENSES (11)
Share of profit of equity-accounted investees
(12) GROSS PROFIT (13)
Valuation gains on investment property
(14)
Impairement loss for trading property and hotels
(15) RESULTS FROM OPERATING ACTIVITIES
(2.3)
(1.8)
(29.7)
(24.2)
(0.6)
(0.6)
6.3
8.6
73.3
16.5
(0.4)
-
79.2
25.1
0.1
32.1
Profit on sale/disposal of properties/investment
(17)
Profit on sale of Investment property
(18)
Finance income
2.7
15.7
(19)
Finance expense
(14.8)
(16.8)
(20)
FX Gain/( Loss)
(37.9)
(9.2)
(21)
Translation reserve reclassification due to disposal of subsidiary
-
(30.3)
(50.1) 29.2
(40.5) 16.7
(24)
Current income tax
(0.2)
(0.4)
(25)
Deferred income tax
(4.8)
(0.7)
(26) PROFIT FOR THE PERIOD
24.3
Revenues up 10% year-on-year to US$36.7 mn: - Rental income up 11% year-on-year to US$36.7 mn AFIMALL City contribution at US$28.0 million (7) Bad Debt Provisions
(0.2)
(16)
(22) Net finance income/(costs) (23) PROFIT BEFORE INCOME TAX
Comments:
15.6
(13) FX
(18) Income from financial investments
16
Statement of Financial Position Changing US$ mn
31.03.2014 US$ mn
31.12.2013 US$ mn
1,609.8 633.9 4.5 62.3 21.4 0.1 0.0
1,609.8 635.3 5.6 69.7 21.7 0.4 0.0
0.0 (1.4) (1.1) (7.4) (0.2) (0.4) 0.0
2,331.9
2,342.4
(10.5)
0%
5.9 129.4 0.5 0.7 107.2 0.2 137.9 10.8
6.4 127.2 0.6 0.8 106.4 0.0 193.3 10.0
(0.5) 2.2 (0.1) (0.0) 0.8 0.2 (55.4) 0.8
(8%)
392.6 2,724.6
444.7 2,787.1
(52.1) (62.6)
-12% -2%
1.0 1763.4 (191.3) 142.9
1.0 1763.4 (150.5) 117.7
0.0 0.0 (40.9) 25.2
27%
(2.0) 1,714.0
(2.2) 1,729.5
0.2 (15.4)
-1%
0.0 580.7 131.0 20.6
0.0 778.9 125.3 22.0
0.0 (198.2) 5.7 (1.5)
(25%) 5% (7%)
Non-current liabilities
732.3
926.2
(193.9)
-21%
Short-term loans and borrowings Trade and other payables Income tax payable
232.0 46.3 -
27.0 100.4 4.1
204.9 (54.1)
758%
Current liabilities
278.3
131.4
146.8
(34) TOTAL LIABILITIES
1010.5
1057.7
(47.1)
(4%)
(35) TOTAL EQUITY AND LIABILITIES
2,724.6
2,787.1
(62.6)
(2%)
# (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (33)
NARRATIVE Investment property Investment property under development Investment in Joint Ventures Property, plant and equipment Long-term loans receivable VAT recoverable Goodwill
Non-current assets Trading property Trading properties under construction Inventory Short-term loans receivable Trade and other receivables Current tax assets Cash and cash equivalents Other investments
Current assets TOTAL ASSETS Equity Share capital Share premium Translation reserve Retaining earnings Non-controlling interest TOTAL EQUITY Trade and other payables Long-term loans and borrowings Deferred tax liabilities Deferred income
% 0% 0%
Strong cash position with US 148,7 million in cash ,cash equivalents and marketable securities as at 31 March 2014 Debt to equity ratio ( 47%) Investment property is significant part of total asset portfolio
Comments: (2) Disposition of Saint-Petersburg project
1% (29%)
(32) Execution of last payment referred to GUP City and VAT from Ozerkovskaya 1st building deal.
17
Loans and cash position as of March 31, 2014 Gross balance of the bank loan portfolio (as of March 31,2014) – US$ 812 mn Total cash balance and deposits (as of March 31,2014) – US$ 148,7 mn (including marketable securities)
Project
Bank
Balance as of Available March 31, 2014 (US$ mn)
Nominal Interest rate
Currency
RCB
$297
-
9.5%
RUB
RCB
$309
-
3-m Libor+5,02%
USD
$607
$0
7.34%
$205
$0
3-m Libor+5,7%
01.04.2018
AFIMALL TOTAL AFIMALL
Ozerkovskaya III (100%) TOTAL/AVERAGE RATE
Maturity
VTB
$812 *
RUB
26.01.2015
6.99%
Financial covenants
The Company is in line with all financial covenants
18
Net Asset Value PROJECT
Book Value
Bank Loan
31.03.2014
31.03.2014
AFI Mall Berezkovskaya (100%) Paveletskaya I (1) Plaza H20 Ozerkovskaya III Plaza Ib Plaza II
1,160 39 30 17 324 9 32
(607)
TOTAL INVESTMENT PROPERTY:
1,610
(812)
Plaza Ic Plaza II a Plaza IV (100%) Kosinskaya Bolyshaya Pochtovaya Paveletskaya II Ruza St. Petrsburg Ozerkovskaya III (underground utilities)
111 12 168 107 139 93 4 0 0
TOTAL INVESTMENT PROPERTY UNDER DEVELOPMENT:
634
Ozerkovskaya Phase II (26) 4Winds residential
5 1
Aquamarine/Ozerkovskaya 26 Plaza SPA Zheleznovodsk Pyatigorskaya (Park Plaza Kislovodsk) Plaza Spa Kislovodsk (Tirel) (50%) Versailles (Kislovodsk)
28 20 7 23 5
TOTAL TRADING PROPERTY:
6
TOTAL PROPERTY PLANT AND EQUIPMENT:
83 Odinburg
TOTAL TRADING PROPERTY UNDER DEVELOPMENT:
TOTAL PORTFOLIO: CASH AND CASH EQUIVALENT * DEFFERED TAX LIABILITY TOTAL OTHER ASSETS AND LIABILITIES
TOTAL EQUITY:
* Including marketable securities
(205)
Net Company's Share 553 39 30 17 118 9 32
798 111 12 168 107 139 93 4 0 0
0
LTV= 33% LTE = 47%
634 5 1
0
6 28 20 7 23 5
0
129
83 129
129
0
129
2,462
(812)
1,650 149 (131) 46
1,714
19
Annex
Market Update
Market Overview and Capital Markets RUSSIAN MACROECONIMIC OVERVIEW • Russian economic growth grew to 0.8% in Q1 2014. The negative factors that supported the sharp slow down were the uncertainty in world markets and capital outflow. In 2014, it is expected that GDP growth will be even lower, barely exceeding 1% under the base case scenario. • Oil prices continued to be stable throughout Q1 2014 and reached 107,8 in April 2014 and the World Bank maintained its oil price projection of US$103/bbl for 2014. • The inflation is most likely to increase in Q1 2014 and reached 2,3%, fuelled by RUR depreciation and a growth in world commodities price. • On 25 April 2014 the Bank of Russia decided to raise the key rate to 7.5 % per annum ( from 5.5% as a initial level ) due to higher inflation risks. This has been caused by effect of the exchange rate dynamics on consumer prices, the rise in inflation expectations, as well as unfavourable conditions in the markets for some goods. • Russia’s credit rating outlook was reduced to negative (from BBB to BBB-) from stable by Standard & Poor’s and Fitch agancies citing the potential impact on a slowing economy of widening U.S. and European Union sanctions imposed as it absorbs Ukraine’s Crimea region. GDP growth by country, %
160
8.0 6.0
Oil price (Brent, US$ per barrel)
0.0 -2.0
7,000 6,000
100
2,000
60 40
5,3
1,000
16
7,1
14
6,5
5,8
5,0
4,6
5,000
3,000
May 1, 2014 107,8
Investment Volume, USD mn 7,4
8,000
120
80
-8.0
• The most noticeable transactions in Q1 2014 include: - the purchase of BC Linkor for USD 150 mln. by investment company UFG Wealth Management (GBA – 63K sqm), - acquisition of 26% stake in “O1 Properties” company (that owns and manages 15 office properties in Moscow) by Alexander Nesis, - sale of Nevis BC to “O1 Properties”. Estimated transaction amount is USD 63 mln. (GBA – 15K sqm)
4,000
-4.0 -6.0
• In Q1 2014 the total investments in the Russian CRE amounted to $ c.1 mln., which is four time less than in Q1 2013.
140
4.0 2.0
RUSSIAN REAL ESTATE INVESTMENT MARKET
12 10
4,0
8 6
2,3 1,7
4
0,5
2
0
0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F Office
Retail
Warehouse
Other
Office
Retail
20 Czech Republic
Germany
Poland
Russian Federation
United Kingdom
United States
Europe
Euro area
Source: IMF, Rosstat, JLL,C&W
21
Office and Retail Markets overview OFFICE MARKET OVERVIEW
• Overall vacancy rate ticked up slightly to 13.9%. Vacancy levels for Class A office spaces turned to be a bit higher compared to the levels seen in Q1 2013 and reached 20.8% mainly due to the new supply in Q1 2014
1,400 1,200 1,000
• The vacancy rate and rental rates remained stable in Q1 2014. As of at the end of Q1 2014 the vacancy rate in quality shopping centres remained at 2.5%. Prime rent in Moscow shopping centres is USD3,000–4,500/sq m/year and the average rent is USD500–1,800/ sq m/year.
RESIDENTIAL MARKET MOSCOW AND MOSCOW REGION • At the end of March 2014 the weighted average dollar price in the primary market of business residential segment reached US$ 7,270 psqm.
800
1,090
710
710
600
average Class A
4,500
USD psqm pa
3,500
640
740 790
850 850
class A CBD Prime
Retail Rental Rates
5,000 4,000
800 850
930
600 400
1,200 1,150 1,150 1,100
1,000
800
RETAIL MARKET OVERVIEW
• Despite the challenging macroeconomic environment international retailers were active in Q1 2014. Among new retailers in Russia — Conguitos, Sinsay, Monki, and Violeta by Mango.
1,500
1,600
3,500
4,500 4,800 4,000 4,000 4,500 4,000 3,700
4,500 4,500
580-900
Yields (prime)
9,00%
Overall vacancy,%
13,9%
Vacancy rate,%
20,8%
(Class A CBD )
Key indicators
Units 3,000- 4,500
(prime shopping center retail gallery)
2,500 1,500
900-1,100
Base rent Class A US$ sqmpa
Prime rate, US$ psqma
3,000
3,000 2,000
Units
Prime rate, US$ sqmpa (US$/sqm/year)
1,800
• Ruble devaluation affected negatively dollar denominated rents. Over the last quarter, prime rents decreased slightly to USD900–1,100 per sq m per year mainly due to the ruble devaluation. Nonetheless, the level of base rents across the market remained largely stable. • In Q1 2014 completions level in Moscow was 59,100 sq m in Q1 2014. This accounts for two shopping centres: Reutov Park (GLA 42,600) and Moskvorechie (GLA 16,500).
Key indicators
2,000
2,000
US$/psqm/pa
• About 209,048 sq m of new office space were delivered in Moscow in Q1 2014 with the following key Class A developments: Morozov II and Evrazia Tower. In 2014 office supply will continue to be higher than demand, which will result in further growth of in the availability of quality offices in Moscow.
Office Rental Rates
2,200
1,700 2,000 1,500 1,300
1,350 1,350 1,350 1,200 1,150
1,150 1,150
Base rent, US$ psqma
500-1,800
Yields (prime)
8,5%
Vacancy rate,%
2,5%
1,000 500 0 Prime rents
Base rents
Residential Price
8500 8000
7,270
7500
7000 6500 6000
• The average price in Moscow region reached 2,205 US$ per sqm Average price (appartments), US$ Source: http://www.peresvet.ru/temptext/1397046862160.pdf
Source: JLL, intermarksavills
Average Market Price, USD
22