| From Themoscowtimes.com: Inflated values, the worldwide financial crisis and softening demand will cause real estate to fall to "West European levels," said Tatyana Orlova, the chief economist at Alfa Bank, in a report.
Russian real estate is extremely expensive by world standards, with the average price for 100 square meters of luxury real estate equal to 156 times per capita GDP, while West European real estate sells at 30 times per capita GDP, the report said. "Considering that a sharp decline in worldwide real estate prices recently occurred, we are expecting a major contraction in demand and a drop in prices for the Russian real estate market," the report said..... Full Article: Source
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