The housing boom that Russia enjoyed between 2000 and 2007 saw market prices rising at an incredible rate. Secondary market prices rose by a whopping 436 per cent and even the primary markets saw a leap of 362 per cent. However, as with all rapidly rising rates, this level of growth simply couldn't be sustained for long. By 2008, prices were beginning to weaken slightly and in 2009 they started to fall rather steeply.
The latest property news from Russia indicates a rise in prices for houses in many areas of the country, although the areas around Moscow and St Petersburg have seen a very slight fall in property prices, as First Choice Properties Russia have learned. The price index suggests that the average resale prices in Russia rose at a rate of around 10.39 per cent, which represents a rise of only 3.05 per cent in real terms once it has been adjusted for inflation. Agents such as First Choice Properties Russia are helping their clients to make the most of this situation by seeking out properties which could prove to be profitable investments.
In Moscow and St Petersburg, the post-adjustment prices have fallen by 0.89 per cent and 1.68 per cent respectively. This means that the market has potential for long-term investors who might be able to benefit from lower prices. Since the Land Code of 2001, which allows foreigners as well as locals to own land privately, was extended to include Moscow in 2006, the area could prove a lucrative one for the right buyer.
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| Courtesy: http://www.firstchoiceinproperties.com |
In Moscow and St Petersburg, the post-adjustment prices have fallen by 0.89 per cent and 1.68 per cent respectively. This means that the market has potential for long-term investors who might be able to benefit from lower prices. Since the Land Code of 2001, which allows foreigners as well as locals to own land privately, was extended to include Moscow in 2006, the area could prove a lucrative one for the right buyer.
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