In recent weeks, several readers have inquired as to real estate prices in Russia, and specifically in relation to the ongoing economic crisis in Russia. The housing market is depressed, and in the words of real estate investors, it is a “buyers” market at the moment.
To give some perspective, we snapped this photo while riding on the Moscow Metro last night.
To give some perspective, we snapped this photo while riding on the Moscow Metro last night. Granted, this is not a development in the centre of Moscow, but it is a brand new development just outside the Moscow Ring Road–a very popular place to live in the Moscow suburban areas.
Amenities include a gated community, 24 hour security on-site with swimming pool, golf privileges nearby, and fitness facilities. There is a supermarket adjacent to the development and a kindergarten already built inside the development. These homes feature large kitchens, playgrounds for children, plenty of green space including a park with trees, and a parking space assigned to each apartment. Brand new brick construction with modern insulation will make these homes to be energy efficient.
Price: 2,9 million rubles (just under $53,000 USD).
The ruble continues to struggle, having dropped another 1.9% over the past three days. We are guessing that this price will torpedo the notions of big money for some who hope to sell an older flat. On the other hand, it will perhaps encourage some readers to invest at this time of low prices for homes.