Konstantin Aprelyov, vice president of the Russian Realtors Guild, said that he expects property prices to be cut in half next year, and added that he thought prices in the regions would suffer more than those in the capital.
"After [the default crisis in] August 1998, property prices in Moscow fell by 32 percent," Aprelyov said. "But they dropped by much more in the regions, by 59 percent in Perm, for example."
Not all industry players agree, however, with the report's conclusions.
Andrei Pankovsky, deputy general director of developer DSK-1, said that it is unlikely that prices [in rubles] would fall even by one-third.
