The Vedomosti (Gazette) newspaper has published a large interview with Andrey Birzhin, Glorax Group founder and President of Glorax Development


The founder of the company which is currently one of the top 5 developers in St. Petersburg, told about his first projects, the history of Glorax establishment in 2014, recent changes in the team and, of course, shared his development plans.

You will learn from the interview:

 How the pandemic changed people’s attitude towards their homes;
“It has become obvious that people need a comfortable environment and the maximum range of services within their residential complex, so that all the details together create a multiformat space. Within this territory, it is necessary to organize fitness studios, well-located co-working centres, cafes, restaurants, libraries, laundries, outdoor sports grounds and other infrastructure facilities. Now we see our task in allowing buyers not to allocate space in their apartments for exercise machines and workrooms, as well as not to overpay for extra square meters.
Moreover, today people no longer want to buy apartments without decoration, but prefer ready-made options. By the example of a project in which we sold apartments with and without decoration, I can say that it was the finished apartments that were sold out in the first place. The costs of finishing are included in the mortgage, which is beneficial for buyers. In addition, ready decoration is convenient and financially beneficial, and there is no need to take a consumer credit at higher interest rates. There is no need to live for another six months or a year in construction mode when all apartments are rented out with finishing, and this is an additional advantage. Therefore, as to my company, the new way of development is to sell all turnkey apartments and apartments with partial or full furnishings. Partial furnishings, for example, include a kitchen unit, furniture in the bathroom and corridor. In fact, we are creating an “enter and live” format.
Another trend is related to new technologies. Housing construction is quite conservative, but in their own apartments people already want to receive services existing on the market and making their life easier. Therefore, a smart home and a smart apartment are necessary; the opportunity to control access, household appliances and meters should be as a mobile application, and developers should provide people with apartments equipped with these services.
I would like to note that many processes on the real estate market are almost completely transferred to the online format. I am deeply convinced that in three or four years, 70% of real estate transactions and all related operations, such as rent, repairs, furniture purchase, will be processed remotely. Our company also sets the following task – to effect 50% of transactions remotely in two years. So, now we are focused on the development of the online sales channel,” said Andrey Birzhin, Glorax Group founder and President of Glorax Development.

In the interview, you can also find answers to the following questions:

 What’s new in Glorax Development’s residential complexes in the near future?
 What are the company’s plans for development in other regions of the country?
 What does the company intend to construct in London and Paris?
 How are new sites selected for construction?
 Why does the real estate market need IT startups?
 What is a real estate exchange?