Real estate will fuel economic growth in Russia, Cushman & Wakefield's Moscow director Sergey Riabokobylko told Bloomberg on Tuesday. 'Construction is the new economic driver in Russia', Riabokobylko said. According to the global advisor, property investors such as Russia's second-richest man Oleg Deripaska are ploughing money into the country's 'new oil'. Deripaska is to invest $2 bn (EUR 1 bn) in a new resort near Sochi, the Black Sea resort bidding to host the Winter Olympic Games in 2014. Last month, Deripaska bought 30% of Austria's biggest builder Strabag for EUR 1.2 bn.
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