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"Residential Prices Soar in 2003"

Article provided by:Gateway2RussiaGateway2Russia

31 January 2004
"Residential Prices Soar in 2003"

Residential real estate prices in Moscow skyrocketed in 2003, surpassing all the predictions made a year ago and beating the previous record set back in 1995 by a hefty margin. Gennady Sternik, a senior analyst at the Russian Guild of Realtors, estimates that the average per-square-meter price of a Moscow apartment reached an all-time high of $1,530 in November. This is 60 percent more than two years ago and 40 percent more than in December 2002. And in September 2003, Moscow prices surpassed the $1,360-per-square-meter record that was set in March 1995.

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