Moscow places 3rd in world rating of rising prices for luxury housing – study

TASS Russian News Agency | Aug 15, 2019 at 2:06 PM

MOSCOW, August 15. / TASS /. Moscow places 3rd in the rate of price increases for luxury housing, according to the international consulting company Knight Frank, the company’s press service said on Thursday.

"Moscow, with an annual growth of 9.5% as of June, took third place in the world ranking of changes in average prices for luxury real estate among the 46 countries of the Prime Global Cities Index (PGCI), losing only to Berlin (+ 12.7%) and Frankfurt ( + 12%)," the report said.

At the same time, compared with Q1 of 2019, the dynamics of growth in prices for elite housing in the Russian capital decreased by 2.5%. At the end of June, the weighted average bid price of new buildings of the high-budget segment amounted to 830,000 rubles ($12,542) per square meter, the company said.

In general, in the 46 international cities mentioned in the ranking, the average annual price increase, as of June, amounted to 1.4%. This figure was the lowest in the last three years.