Apartment Price Growth Fell in July
By Denis Maternovsky
Staff Writer For the first time in two years, growth of real estate prices in Moscow fell to practically zero last month. Realtors blame the recent banking crisis, the already overheated market and the summer vacation season for the slowdown, but predict that prices will soon continue rising, albeit more slowly than before.
"The slowing down [of apartment prices] first became noticeable in early May," said Oleg Repchenko, head of IRN.ru, a real estate analysis, marketing and consulting company. "But in the last four weeks the prices almost froze."
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PMI Slows in July
MOSCOW (Reuters) -- The manufacturing Purchasing Managers' Index, based on a poll of 300 purchasing managers, fell to 53.2 in July from 54.2 in June because of weaker growth of output and new orders, Moscow Narodny Bank said Monday.
If PMI holds above 50, it indicates manufacturing sector growth. July was the 18th consecutive month of the manufacturing economy's expansion.
"Although slower than in the previous month, the latest rates of output and new order expansion were robust," MNB said in a statement.
"Firms again attributed rising production to growth of new orders, commenting that domestic and foreign demand for Russian-produced manufactures remained strong." |
