Hard on the heels of a falling ruble, house and apartment rents in some segments of Moscow's real estate sector are trending lower as troubles mount in the country's financial markets and the dollar reasserts itself as the world's reserve currency.
"Some landlords of elite-class apartments have lowered rent by as much as 30 percent," said Andrei Sado, director of apartment rental at Penny Lane Realty.
"Demand is low, and telephones are not ringing."
Sado said owners of elite-class apartments in the $6000 to $16000 range have proved particularly vulnerable, with most reducing rent by between 20 percent and 30 percent in the past few weeks.
"This is a reflection of the depreciating ruble magnified by the financial crisis and the customary panicky reaction of market players," Sado said.
