Real Estate Buzz

Moscow’s real estate boom: Unstoppable?

Posted on March 22, 2007. Filed under: buying property, buying real estate, housing, housing market prices, property, property development, real estate, real estate bubble, real estate feature, real estate forecasts, real estate in Europe, real estate investment, real estate keywords, real estate market, real estate news, real estate report, real estate trends, selling real estate, travel hotspots |

by Global Property Guide

If you thought Moscow property prices couldn’t go any higher – well, they just have! Apartments in the centre of the city are being sold and rented at prices which would appear to defy all reason – except that Moscow is a city, now, of extraordinary wealth.

The average price of an apartment rose to US$16,363 per sq. m. in prime Moscow districts in Q3 2006, according to Knight Frank, Moscow. Re-sale apartment prices rose 62.8% in the three quarters to Q3 2006. Newly built apartment prices rose by 79% in the three quarters to Q3 2006. A small three-room apartment (60 sq. m.) in central Moscow is now worth US$1 million. First-class apartments can command twice that or more – US$30,000 per sq. m. and up is not unknown.

Property is not all that’s booming.

Read the rest of the article here:

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