2008-09-07 09:05:56 - First International apartment offer in Russian enclave in Crimea

Flush with oil and gas money, the Russian economy is booming and many of their citizens are buying holiday homes in many parts of the world. But their favoured destination is closer to home, the Crimea. A sort of Russian south of France, it has been a magnet from Tsar's and their successor politburo to the fast growing middle and

business classes of today's Russia.

The Western World's 'Credit Crunch' isn't bothering the Russians. Their increasing buying power has been pushing up prices in Crimea over the past couple of years in particular, to levels of 5000, even 6000 Euros m2, far higher than in other markets such as Bulgaria. Gaining building permission can be a big hurdle to foreign developers in Ukraine and supply of new build is tight.

However, one Bulgarian based company, Hanroc Developments, has overcome this barrier and is set to offer far more competitive pricing and superior design with their Lighthouse Apartments offer. At just 1750 Euros m2 per M2 and a truly stunning sea view location overlooking the entrance to Sevastopol harbour, it represents remarkable value. The local Municipality, who are supporting this key development, admit that the Lighthouse site is one of the best in the whole region.

20% of the apartments are already reserved for local Russian and Ukrainian buyers. In fact, all could be sold to locals, but Hanroc is offering a pre-release window of opportunity to international clients. Already, before advertising, almost 200 people have registered at info@hanrocltd.com to receive pre-release details.

Martin Dichev, one of Hanroc's Directors says, 'We've targeted this development at the strong Russian market and could charge more. But, to quickly establish ourselves here we prefer to price 50% less than inferior local flats.'