Russian house prices fall, despite economic recovery
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Russian house prices dropped 7.56% during the year to Q1 2010. When adjusted for inflation, house prices fell 13.8% over the same period, according to the Federal State Statistics Service (Rosstat).
Property prices started to weaken in late-2008. In March 2010, the average price of Moscow newly-build elite property was US$19,475 (RUB593,372) per square meter, according to Knight Frank. For resale properties, the average price was US$24,730 (RUB753,484) per square metre. In Moscow, average resale property prices fell 3.9% during the year to end-Q1 2010, while resale property prices dropped 7.8% in St. Petersburg, according to Rosstat.
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