World's Largest Developers, Investors Target Sochi's 2014 Winter Olympics $12.58 Billion Construction Bonanza

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(MOSCOW, RUSSIA) -- The Russian oil-rich government is actively seeking investors for the construction of numerous real estate properties in Sochi - the capital of a future Winter Olympic Games 2014.

The Russian media says that almost a third of all commercial buildings, planned for Sochi Olympics, could be built by private investors from Russia and foreign countries. An interest to take part in the project has already been expressed by the world's developers from the U.S. and China, as well as the largest international hotel operators.

The total area of planned housing projects is over one million square meters, while last year only twenty thousand square meters were put into operation.

Some well-known Russian tycoons, including Oleg Deripaska (owner of Rusal, world's largest alumunium producer) are also planning to make huge investments in the Olympic's real estate projects.

A source close to the Russian Olympics organizing committee said that Deripaska is ready to invest up to $1.5 - $2 billion in the construction of a giant recreation complex which will be known as "Imereti Riviera" where several key objects of the forthcoming Olympics will be located.

Another Russian oligarch and one of Europe's richest businessman who is head of Interros Holdings, Vladimir Potanin, has promised to invest nearly $1.5 billion in sports and cultural facilities of Sochi.  The construction of hotels can be the best way to make money in Sochi for developers taking into account Russia's government plans to make Sochi a year-round resort after the Olympics, which will increase the room occupancy from the current 50% to 70%.

The total amount of investments in Sochi Olympics facilities and project should reach $12.58 billion, which will be significantly higher compared to last Games in Vancouver. 

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