Real estate prices are climbing fast in Russia. From December 2020 to April 2021 the average prices of Moscow apartments went up by 6% on average, with some areas showing 12% hikes.
20 million for a new apartment in Moscow
According to Lenta.ru, Moscow real estate prices broke another record with the average values for new units now exceeding 20 million rubles (USD 261,000).
Property values have appreciated by 6% within 4 months from December 2020 to April 2021. Prices of units in the areas like Dorogomilovo, Rostokino or Mar’ina Roscha went up by whopping 12% in 4 months.
It was in early 2021 that the “psychological barrier” of 20 million rubles got broken. As of April 2021, one would need 20,5 million rubles (USD 268,000) to purchase an apartment in a newly erected building. 4 months ago, it would only require 17 million.
In December 2020, 1 square meter of Moscow real estate was priced at 263,000 rubles ($3,440). By April 2021 one square meter in a new unit is priced on average at 304,000 rubles ($3,976).
2-room apartments appreciated the most (8% within 4 months) in the view of dollars per square meter.
During 2020, real estate values in Russia on average went up by 20%.
Not only apartment values are up though. Prices for groceries are also on the rise, as well as the exchange rate of ruble to USD.
In January 2020, 1 USD could be converted to 61 rubles. In April 2021, the exchange rate is 76 rubles for 1 US Dollar (up by 25%).
Knowing this, it would be reasonable to predict that prices of real estate in Russia might keep creeping up by at least another 5% over the coming months, assuming the exchange rate doesn’t change. With the ruble plunging further, realistically, it’s hard to see why apartment values wouldn’t adjust to match it.
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