The Moscow residential real estate market has been lucrative, with an accommodation deficit driving sales and rental prices over the last decade. But it too felt the impact of the 2009 economic downturn.
With Moscow being not only the capital of Russia, but also the capital of the region, in terms of opportunities and level of living, it is no wonder that the residential real estate market has grown exponentially over the years.
Pre-crisis, a square meter in a luxury apartment cost between $15 thousand and a whopping $40 thousand dollars. To rent the same square meter would go for anywhere between $7-20 thousand. The overall average sale price per square meter was roughly $6,500 and rising monthly.
A lack of accommodation – not to mention quality – was the main driver behind this growth; but even this growth slowed during the crisis says Maxim Mokeyev, Executive Director for Evans Real Estate.
