Moscow’s luxury housing market recorded a record-breaking $1.8 billion in sales during the first nine months of this year.
According to a report from the Russian business news site Vedomosti citing data from the real estate firm NF Group, 1,270 luxury apartments were sold in Moscow between January and September, up from 860 sales totaling $1.14 billion during the same period in 2023. During 2022, the Russian capital recorded 690 luxury apartment sales worth $780.6 million in that year’s first nine months.
The spike in sales was attributed to the construction of new luxury housing developments coupled with a record high inventory of 4,200 apartments in this sector. High-end apartments averaged $25,900 per square meter during the third quarter, up 14% from the second quarter, and demand is expected to stay strong for the remainder of the year.
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