Israeli billionaire Lev Leviev's Russian property unit, AFI Development Plc, said profit almost doubled last year on surging demand for quality offices and apartments in Moscow, Bloomberg reported.

Net income advanced 93 percent to $215.6 million from $111.9 million in 2006, Moscow-based AFI said in a statement distributed by the Regulatory News Service today.

The value of AFI's holdings advanced 4.6 percent to $5.9 billion in the second half. Investment last year was $967 million, AFI said, without giving comparative figures.

AFI raised $1.4 billion in an initial public offering in May to help fund the purchase of sites in cities including Moscow. AFI's London-listed shares have declined 41 percent since the IPO, valuing the company at $4.35 billion.