Olimpics in Sochi (Russia)

Price for Sochi Land Doubled on Olympic News

The price for Sochi land has soared 40 percent to 100 percent since July 5, 2007, when it was announced that the city will host 2014 Winter Olympics, RIA Novosti reported.
The Black Sea resort city of Sochi won the bid for the 2014 Winter Olympics and the news has driven up the prices. “The allotments that cost $2.5 million are priced at $5 million,” said Mikhail Titov, director of one of the real estate agencies.

Titov specified that those willing to approach Sochi market had bought the land even before July 5, 2007, when Sochi was chosen to host 2014 Winter Olympics. But those, who missed the chance to do it, don’t rush to acquire the land now, waiting for a respective law instead.

Russia’s lower house of the parliament, the State Duma, passed Friday the bill on arranging and holding Sochi 2014 Winter Olympics, which, amid other things, spells out procedures for withdrawing the land for construction of Olympic facilities. The thing is that Sochi prevailed over competitors in summer despite the general lack of winter sports infrastructure there.

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