July 16, 2012 / 8:03 AM / 5 years ago

Russia's Etalon says Q2 sales up 37 percent y/y

MOSCOW, July 16 (Reuters) - Russian housebuilder Etalon said on Monday its sales for the second quarter rose 37 percent in value terms, due to a “phenomenal growth” in prices.

The company, which builds houses mainly in Moscow and St. Petersburg, said demand is rapidly returning to levels seen prior to the last financial crisis.

Second quarter sales rose to 5.2 billion roubles ($159 million), the company added.

Russia’s real estate market froze in the wake of the latest financial crisis of 2008-09, but delayed and new projects are now coming back on line.

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