This lecture closes the cycle, and its purpose is to put all the arguments into one investment appeal to developers, and urban development doesn't disappear or become unnecessary, but the old model, where the apartment was sold quickly through mortgages and local demand, has become more complex, and the developer needs a second line of growth.
The Altai Republic can become such a growth line if you work not with single objects, but with resort clusters: land for rent with the right of redemption, a medical core, glamping towns, apart-hotels, units, a management company, phased development, the growth of the value of the adjacent territory and the possibility of partial settlements with urban apartments.
Colleagues, the main thing to say in the final.
It's not that urban development is no longer necessary. It would be false. Cities will be built. People will need apartments. The housing market will remain one of the country's largest markets.
But the previous confidence that the built apartment will automatically and quickly find a buyer has already weakened.
Buyers became more cautious. Mortgages became more complex. Instalments became longer; capital returns became less predictable; developers had ready-made properties that didn't always sell at the same rate. It's not a disaster, but it's a signal.
The developer needs a second line of growth.
Not in the city, but near the city.
Such a second line can be the resort development of the Altai Republic.
Why Altai?
Because there are a number of factors that overlap: there's a strong natural brand; there's a growing domestic tourism; there's an interest in medicine, in restoration and in eco-friendly recreation; there's a shortage of quality managed resort areas; there's an opportunity to step-by-step develop large land masses; there's a demand for glampings, aparthotels, units and natural accommodation; there's a prospect of inbound tourism and export services.
By the end of 2025, the Altai Republic had welcomed 2.8 million tourists, which is not an empty market, but it is also not a fully formed resort economy, and between these two states lies the main window of opportunity for a developer.
In the city, the developer is more likely to be part of the value already created, the area, demand, competition, land price, transportation and infrastructure are already factored into the entry price, and in Altai, some of the future value can still be created by your own actions.
Build first. Launch a health center. Create a glamping city. Make an aparthotel. Open an atrium of services. Organize routes. Introduce a management company. Involve guests. Show downloads. After that, the neighboring land is different.
This is the difference between the resort area and the usual construction spot.
In the city, the developer makes money mostly from the built facility, and in the resort cluster, he can make money from the built facility, from unit sales, from management, from medical and health services, from services, from rent, from re-runs and from the increase in the value of land around him.
It's a more complex model. But it's also a larger one.
The city apartment is sold as a dwelling, and the resort unit is sold as part of the place, health, recreation, income model and future capitalization of the territory.
That's the difference.
When a person buys an apartment in a city, they most often think about living, renting or keeping capital. When they buy a unit in a resort cluster, they may think about personal vacations, renting through a management company, family assets, health programs, future resale and territory growth.
It expands the audience.
The apartment in the city is tied to a specific market. The resort unit in Altai can be of interest to a buyer from Moscow, St. Petersburg, Novosibirsk, Yekaterinburg, Kazan, Vladivostok, Siberia, the Urals, the Far East and in the future to a foreign client.
But this is possible only under one condition: the resort product must be assembled professionally.
You can't just put up houses and wait for a lot of demand. You can't call a site a resort just because it's beautiful, you can't promise a foreign flow without language, logistics, service and packaging. You can't sell apart units without a management company. You can't build a glamping without sanitation, security, operation and a scenario of stay.
The development of the resort requires discipline.
The land has to have a master plan. The first line has to be convincing. The medical core has to create the reason for the arrival. The management company has to be responsible for the loading. Partners have to build in a common architectural logic. Unit buyers have to understand their rights, costs, revenues and rules of use.
Only then does the land become an asset.
That’s what we offer to developers.
Not just buying land, not just building houses, not just going to another building.
We propose to enter the system of phased development of resort clusters of the Altai Republic.
The system looks like this.
A large land mass is rented out with the right of foreclosure, the price is fixed in advance, the partner builds the first place: a glamping city, an aparthotel, units or modular houses, and the medical and service core is developing nearby: a sanatorium, rehabilitation programs, service atriums, a bath complex, food, routes, escort.
The first stage creates proof. You get guests, you get photos, you get reviews, you get bookings, you get service, you get traffic, you stop being a blanket promise. It becomes a living product.
After that, the value of the adjacent land increases.
And here comes the key financial logic: If the price of land repurchase was fixed before the land grew, and the first line raised the market value of the adjacent land, the partner gets an extra margin. He can build the next line. He can sell some of the land more expensive. He can develop units. He can strengthen services. He can expand the project.
So the developer earns not only on square meters, but also on the creation of the value of the land.
This is a fundamentally different level of work.
And the ability to settle in urban apartments is particularly important, because many developers today have finished properties that sell more slowly, they take up capital, they take time, they slow down the cycle, and if some of these apartments can be used as land settlements or as input, that turns a frozen city asset into a resort platform.
An apartment that is leftover does not create a new market by itself; land in a growing resort cluster, if modeled correctly, can create a new cycle of construction, sales and capitalization.
It's not a concession. It's a financial reversal.
The developer changes the difficult-to-realize urban product to the opportunity to build in the new economy: tourism, health, nature, units, glamping, apart-hotels, management and land growth.
A medical center is important for this.
A typical camphouse is seasonal, weather-dependent and commercially-dependent, and the health center and the medical core create a stronger reason to come, and the person goes not only to see the Altai, but to recover, to undergo a health program, to reduce stress, to adjust his regimen, to receive food, diagnostics, accompaniment, silence and long stay.
The global health economy has already become a huge market, with the global health economy reaching $6.8 trillion in 2024 and health tourism reaching $894 billion, according to the Global Wellness Institute.
It doesn't mean that any health resort is automatically successful. It means that whoever combines medical competence, service, architecture, nature, management and a product that is understandable wins.
Altai can occupy its niche in this market.
Not like a copy of Sochi, not like a copy of Switzerland, not like a copy of Dubai, not like another recreation center.
Altai should be itself: mountains, rivers, forest, silence, air, restoration, Russian sanatorium school, eco-tourism, long stay and natural architecture.
But it should be packed at a modern level.
This means: clear programs, normal placement, clean service, management company, digital sales, international version of the product, routes, safety, nutrition, medical discipline and a single environment.
This kind of packaging increases the cost of units.
The buyer pays more when he sees not a random house, but a managed system, and he understands who will rent the property, who will serve guests, what services are nearby, why people will come, how the territory is developing and why its object can become more expensive.
This is what the international market teaches.
Branded residences are growing in the world not because people lack walls; they are growing because customers want service, trust, governance, standards and strong territory. According to Savills, the number of branded residence projects was set to grow from 764 in December 2024 to 910 by the end of 2025.
The lesson for Altai is simple: even if we don’t use an international hotel brand, we need to create our own managed standard.
The title itself is worthless. It's worth repeating quality.
If you come in and you get a normal service, clean accommodation, a clean program, a good route, safety, food and atmosphere, the brand is formed, and if each object lives on its own, the brand falls apart.
Therefore, the management company is not a tail service, but a center of value.
It has to manage loading, pricing, service, standards, booking, operation, reporting to unit owners, medical runs and promotion, and without it, aparthotels and glampings are not sustainable income.
That's what the developers need to say directly.
You can build fast. It's hard to manage, but it's management that creates re-income.
In the urban model, the developer often leaves the project after the sale, and in the resort model, it is more profitable to stay in the project through management, service, medical programs, new queues and land development.
It changes the role of the developer.
He ceases to be just a builder. He becomes a maker of the territory.
This is especially true now, because tourism in Russia is a national priority, and the national project aims to increase the number of tourist trips in Russia to 140 million by 2030.
This is not a guarantee of success for every project, but it confirms the direction of the movement: the state, the regions and the business will continue to develop the tourism infrastructure.
The Altai Republic has a strong position in this logic, but has not yet exhausted its potential.
Here, you can create new growth points. Chemal district is a mature and famous market, but you need to choose precise locations and avoid overheating. Turochak district and Teletskoye lake are forest, water and calm territory. Ulagan is depth, routes, rare nature. Karakol lakes are the future of year-round resort destination. Each district requires its own model.
It's not one market. It's several different scenarios within the same republic.
That's why large land masses are more valuable than small random plots, and on large land you can create queues, service cores, partner zones, reserve development, species corridors, walking routes, medical facilities and different levels of residence.
A large array is not just a hectare; it's an opportunity to manage future value.
But there's an important warning.
Altai cannot be built up rough.
If developers bring in just urban density, standard boxes and short speculative logic, they destroy the asset itself. Nature is not the background. Nature is the capital capital. View, forest, river, silence, air, privacy and relief should be built into the economy, not sacrificed to meters.
Resort margins arise not from maximum density but from the right balance: enough to build to create a business, but not so much to destroy the value of a place.
That's a different professionalism.
A city developer can build. Now he needs to learn how to create a stay.
Staying is when you don't just have a room, you get a purpose for your trip: health, silence, impression, route, recovery, family time, security, service, the ability to return.
It is the stay that creates the resort value.
Therefore, the final choice of the developer is as follows: continue to compete only in the market of urban apartments or open a direction where you can create a new value of the territory.
The answer doesn't have to be emotional. It has to be calculated.
If a developer has a team, construction experience, ready-made apartments, designers, contractors and the ability to manage queues, he can use these competencies in Altai, not as a regular builder, but as a partner in a resort cluster.
He can rent land for ransom, fix the price, build it first, use some of the city's apartments in the calculations, sell the resort units, put them in management, participate in the growth of the territory, develop the next queue.
That's the real way.
Not simple, but real.
It has risks: land, documents, infrastructure, engineering, seasonality, personnel, service, management, sales, regulations, quality of the first line, but these risks can be structured. The other risk is far more dangerous: to continue working only in a model where the speed of sales is no longer guaranteed.
Development has always been the business of the future.
A developer doesn't make money off of what's obvious to everyone, he makes money where he sees the next wave before anyone else.
The next wave may not be just in new urban neighborhoods, but it may be in resort areas where health, nature, service, real estate and land are connected.
Altai gives you that opportunity.
But you have to come in now, while the market is still forming, and when all the strong locations are packed, the entry price will be different, and then the developer will not buy the growth opportunity, but the ready-made expensive reality.
Early entry is always more difficult, but it's the one that gives you more capitalization.
So my appeal to developers is simple.
Don't look at Altai as a beautiful, distant vacation destination. Look at it as a new development market. Don't just sell square meters here. Create resort clusters. Don't build random facilities. Form territories. Don't expect the tourist to come. Create a product that they come for.
And most importantly, use what you already have.
You have the building expertise, you have the teams, you have the apartments, you have the sales experience, you have the queue counting skills, you have the project management understanding, you can apply it to Altai.
But the outcome will be different.
Not another house in the overheated city market, but a resort area that grows in price with each turn.
That is the main point of transition.
The city apartment sells the square.
The resort cluster sells place, health, recreation, income, management and future land capitalization.
Final thesis of the lecture
A developer doesn't have to give up on the city market, but he needs to open up a second line of growth.
The Altai Republic gives this opportunity through the phased development of resort clusters: land for rent with the right of redemption, fixed price, first stage, medical core, glamping, aparthotels, management company, export of services and the growth of the value of the adjacent territory.
It's not just building real estate, it's creating a new resort economy.
Short option for performing on stage
Urban development remains an important market, but the old model of fast-selling apartments through mortgages has become harder, and developers need a second line of growth.
Altai can be such a line.
You can do this not just square meters, but land, rent a large area foreclosure, fix the price of the land, build it first, run a health center, glamping, aparthotels, services and management company, show flow, increase the value of the surrounding land, then develop the next queues in a more expensive environment.
Developers have ready-made urban apartments that are now hard to sell quickly, and can be used as part of the land settlement, so a frozen urban asset becomes an entry point into a growing resort market.
The main choice is simple: to continue to fight only for the city buyer or to enter the creation of resort clusters of Altai, where not just meters are sold, but health, nature, service, management and future capitalization of the territory.