Moscow holds the title as the country’s capital as well as the main economic and financial center of the Russian Federation with over 12 million citizens. The city’s suburbs are the most widespread of the country. In recent months redevelopment projects have been devised in order to attract more real estate investors to the country.
The Russian mayor, Sergey Sobyanin, in office since 2010, has declared that “the majority of Muscovites live in residential areas that have been formed hand in hand with the history of the city”, and therefore it is necessary to transform the “slums”, or rather the neglected areas where a discreet quality of life is found.
The suburbs of Moscow have greatly attracted political interests with almost 90% of the population residing there: almost 7 million people and potential voters. From an economic point of view, around 200 million square meters of real estate are to be redeveloped, with almost 1,000 million dollars.
Along with the renovation of buildings it shall be necessary to increase the public transport infrastructure and to provide more services for Russian citizens. Furthermore, it is necessary to create jobs and opportunities outside of the center of Moscow where 80% of jobs are concentrated.
Subsequently, the quality of life will be improved in the suburbs with a domino effect resulting in less logistic and ecological issues in the city. Moscow represents the most important center of business, science and innovation in the country. Consequently, attracting more and more private investors to the luxury real estate sector, along with London, New York and Monaco.