Russian Developer Reports 27 Percent Home Sales Jump

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Etalon Group, one of Russia's largest residential property developers, announced a 27 percent yearly increase in new sales during the fourth quarter, as the company constructed its first project in Moscow.

Home sales during the fourth quarter totaled 9.41 billion roubles ($280 million). Full-year sales reached 30.2 billion roubles, also increasing 27 percent.

Average prices increased nine percent year-over-year to 86,000 roubles per square meter during the fourth quarter, the company said.

The average down payment in the fourth quarter remained at the high level of 75 percent.

"We are already looking ahead to the even more ambitious goals we have set for ourselves for 2014, when we plan to increase deliveries by 24% year-on-year to 582 thousand square meters," Etalon Group president Viacheslav Zarenkov said in the report.