MOSCOW, June 29 (RIA Novosti) - Moscow's most expensive rental apartment costs over 1.5 million rubles ($50,000) per month, a spokesman for the DOKI Real Estate Agency said on Monday.
The apartment near the Arbatskaya metro station in downtown Moscow has 21 rooms, including eight bedrooms, and six bathrooms. Four parking spaces at the nearby lot are also included.
The luxury apartment became available earlier this month, but no potential tenants have so far been found.
The impact of the global financial crisis on the nascent Russian mortgage lending market, the economic downturn which has followed, coupled with the slump in prices for most of Russia’s commodity exports, have combined to push prices lower. Although the extent to which they have dropped is a matter of debate.
With widespread reports of a major slump, Dmitry Taganov, Head of the Analytical centre at Incom says most of the fall stems from the devaluation of the Russian Rouble against the U.S. dollar in the last quarter of 2008 and first quarter of 2009. He says that falls when expressed in Rouble terms have been much less.
MOSCOW, June 2 (Reuters) - Bad loans could spark a major sell-off in real estate assets pledged with Russian banks this autumn, an official with Russia's Sberbank, a major lender to the real estate sector, said on Tuesday.
'A lot of banks will have major problems in the autumn, and they could start dumping real estate like owners are dumping now,' Alexei Chuvin, director of construction finance at Sberbank, told reporters.