February 11, 2009
Moscow luxury real estate prices hold #2 position
Moscow led the world in the run up of real estate prices over the last decade. Many Soviet era monsters like the ugly, but reasonably priced Rossiya Hotel show at the left met the wrecking ball to make way for luxury properties.
While the world real estate market has been in decline, Moscow’s luxury prices have held the #2 spot behind Monaco, just ahead of London. It’s also still pretty certain that Moscow remains the most expensive city in the world over all.
Last year financial turmoil hammered foreign real estate markets, while the Russian market maintains leading position in terms of prices on luxury properties.
According to the Global Property Guide’s research, in 2008 Moscow climbed to the second position on the list of cities with the most expensive real estate markets, beating out London for the first time. The average price per sq meter in Moscow luxurious apartments located in the centre of the city is US$20.85.
Monaco still tops the ranking with US$47.58 per sq meter; London slid to the 3rd place with US$20.76 per sq meter. (Russia IC)
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