Russia's housing market still depressed
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The Russian housing market hasn’t recovered - despite appearances. Resale apartment prices rose 3.79% during the year to end-Q2 2011, according to the Federal State Statistics Service, but the kicker was inflation - resale apartment prices actually fell 5.25% when the price figures are adjusted for inflation.
Rents are also declining. In March 2011, the average Moscow rent fell 2.7% y-o-y to RUB207,582 (US$6,439) per month, according to Knight Frank.
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