Real Estate Prices
It appears that many folks believe that real estate prices in Moscow are higher that pretty much everywhere. In particular, a few I have personally asked said that prices in Moscow are equal or slightly higher than those in New York. This public opinion is not surprising - given a lot of articles stating the same - but appears to be totally wrong, due to bogus data underlying the articles.
For start, here's one article with a list of prices, per square meters in various cities Moscow is #2 and New York is #6. This might be believable until we look at actual prices -$20,853/sq.m. and $14,898/sq.m. I am sure such prices do exist in Moscow, but nobody I know would consider such price realistic. These prices are based on "120 sq. m. apartment in the city center", but again, what is the center of Moscow is not well defined.
It probably reasonable to look at Moscow's Central District, which is everything inside the Garden Ring. It has an area of 66.19 sq.km and according to recent data, the average price of apartments is $6640/sq.m. Looking at comparable place in New York, we can find Manhattan. It occupies 87.5 sq.km and the average price of the apartments there is $1137/sq.f = $12238/sq.m.. So, Moscow is about twice cheaper than New York - so far.
For start, here's one article with a list of prices, per square meters in various cities Moscow is #2 and New York is #6. This might be believable until we look at actual prices -$20,853/sq.m. and $14,898/sq.m. I am sure such prices do exist in Moscow, but nobody I know would consider such price realistic. These prices are based on "120 sq. m. apartment in the city center", but again, what is the center of Moscow is not well defined.
It probably reasonable to look at Moscow's Central District, which is everything inside the Garden Ring. It has an area of 66.19 sq.km and according to recent data, the average price of apartments is $6640/sq.m. Looking at comparable place in New York, we can find Manhattan. It occupies 87.5 sq.km and the average price of the apartments there is $1137/sq.f = $12238/sq.m.. So, Moscow is about twice cheaper than New York - so far.