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Moscow housing prices exceed pre-crisis levels in RUB terms at the end of June


Vedomosti reports that Moscow housing prices have reached an average of RUB 169,980/sqm (USD 5,071/sqm), 7% higher than the pre-crunch level of RUB 158,499/sqm (USD 5,014/sqm). The key reasons are rouble depreciation and a shortage of supply, coupled with increasing demand for high quality housing in Moscow.

According to IRN, blended Moscow housing prices increased 5% during 5mo12. We estimate the price of housing in Moscow will grow 9.5% YoY in 2012, 3% above CPI, so this tendency is in line with our forecast.

Maria Kolbina, Armen Azatyan
VTB Capital analyst

ruble, crisis, USD, CPI

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