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Moscow Real Estate Prices Still Falling
Real estate prices continued to fall in Moscow November 10-17. According to the Real Estate Market Indicators agency, the average cost of a square meter of housing in the Russian capital is $5927. Apartments in modern buildings with panel construction 16 stories or more tall and other large apartments lost the most values last week, falling 1.8 percent to $5796 per square meter. Apartments in other panel buildings lost 1 percent of their value (to $5532). Apartments in older building (five-story buildings and those with small kitchens) lost 0.6 percent ($5515).
On the whole, apartments in panel and block buildings lost 1.2 percent of their value, falling to $5614. The rate of value loss for apartments in brick buildings last week was 0.5 percent. Apartments in buildings of that type average $6425 per square meter. Apartments in modern brick buildings lost 0.2 percent of their value, to $6582 per square meter. Apartment in older brick buildings (five-story buildings and apartments with small kitchens) lost 0.9 percent of their value, to $5840. Apartments in “Stalinist” buildings 6 to 11 stories high lost 0.4 percent of their value, to $6852.
Income from real estate investments remains high, however. Analysts say such investments bring in 2.1 times more income than bank deposits. The authors of the report note real estate in Moscow is falling in value at the same rate as during the default of 1998.
www.kommersant.com
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