House prices falling in Moscow and St Petersburg
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Russian house prices are rising - but only just, after inflation has been taken into account, and not in Moscow or St. Petersburg. The price index for all resale apartments in Russia rose by 10.39% during the year to Q1 2013, according to the Federal State Statistics Service (Rosstat). Adjusted for inflation this represents only a 3.05% real price rise.
In Moscow, Russia’s capital, the price index for resale apartments rose by only 6.17% y-o-y to Q1 2013. When adjusted for inflation, house prices actually fell by 0.89%.
In St. Petersburg, the country’s second largest city, the price index for resale apartments rose 5.31% during the year to Q1 2013. When adjusted for inflation, house prices fell by 1.68%.
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