Rouble's devaluation slashes dollar value of top Moscow flats

Rouble's devaluation slashes dollar value of top Moscow flats

Published at: 2016-04-16 01:29 | Author: CIJ Russia
From January to March 2016, the average cost per square meter in the 100 most elite apartments on sale in Moscow has dropped to $40,900, according to analysts from Savills Russia. This means that the total dollar value of these 100 most expensive apartments fell by almost $100m. However, calculated in roubles, the same apartments rose significantly due to the devaluation of the ruble, meaning that the value of the same apartments rose from RUB 66bn to RUB 73bn. A penthouse on Ostozhenka tops the ranking with an area of 896 sqm and an estimated value of $34.9m while the cheapest of the 100, a 95 sqm flat near the Arbat is only worth $3.8m.
Twenty-nine of the flats on the top 100 list are new, as new, more expensive units were added to it while others were sold. The most expensive apartments for sale in Moscow are located on Ostozhenka street, with a total value of almost $511m. Tverskaya street has dropped out of the top five most expensive streets, falling behind the Patriarch's Ponds, Arbat, Khamovniki, and Yakimanka.

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