The Russian capital to Lead Housing Price Growth

Prices for luxury homes and apartments in Moscow will go up 10 percent

Moscow will have the steepest price growth next year among the world’s most expensive cities for luxury homes because of a shortage of properties for sale, global property consultancy company Knight Frank said.

“There’s a stock shortage in Moscow following the change of mayor last year, which has caused a freeze in new development,” said Patrick Dring, head of the firm’s international residential arm, at a presentation last week.

Prices for prime houses and apartments in the Russian capital will probably rise about 10 percent next year after a gain of less than 5 percent this year, the London-based real estate broker said in a report predicting home values for 25 cities.