Moscow’s Real Estate Boom: Unstoppable?
by Global Property Guide Staff
If you thought Moscow property prices couldn’t go any higher – well, they just did! Apartments in the centre of the city are being sold and rented at prices which would appear to defy all reason – except that Moscow is a city, now, of extraordinary wealth.
The average price of an apartment rose to US$16,363 per sq. m. in prime Moscow districts in Q3 2006, according to Knight Frank, Moscow. Re-sale apartment prices rose 62.8% in the three quarters to Q3 2006. Newly built apartment prices rose by 79% in the three quarters to Q3 2006. A small three-room apartment (60 sq. m.) in central Moscow is now worth US$1 million. First-class apartments can command twice that or more – US$30,000 per sq. m. and up is not unknown.
Property is not all that’s booming.
MORE REAL ESTATE ARTICLES
If you thought Moscow property prices couldn’t go any higher – well, they just did! Apartments in the centre of the city are being sold and rented at prices which would appear to defy all reason – except that Moscow is a city, now, of extraordinary wealth.
The average price of an apartment rose to US$16,363 per sq. m. in prime Moscow districts in Q3 2006, according to Knight Frank, Moscow. Re-sale apartment prices rose 62.8% in the three quarters to Q3 2006. Newly built apartment prices rose by 79% in the three quarters to Q3 2006. A small three-room apartment (60 sq. m.) in central Moscow is now worth US$1 million. First-class apartments can command twice that or more – US$30,000 per sq. m. and up is not unknown.
Property is not all that’s booming.
MORE REAL ESTATE ARTICLES
