Property

I just love this shot Kate took while she was over. It is a typical Russian style house here in Vlad and is worth an absolute fortune. Not the house itself but the land. Vlad's property is booming and with the 2012 APEC summit on its way and the lack of building projects around town, slowing down isn't an option. Property prices here are ridiculous. I've seen two bedroom apartments (slums), far from livable for around $300 000. Remember that the average wage over here is around $5oo-600 US a month and interest rates are as high as 14%, making property virtually impossible to get into. These guys have got it really tough in the trying to get ahead stakes. Returns are absolutely phenomenal. Russian's will spend more than half their wage on rent and nearly the rest on food (which is only marginally cheaper than back home). I really don't know how some of them survive. I know there is a lot of under the table deals between employer and employee; nevertheless it still makes for tough living.