31.03.2009 - Russian Real Estate market devastated by falling commodity prices
From Nuwireinvestor.com: For much of 2008, Russia's housing market has seemed insulated from the global financial meltdown. However, the situation turned nasty during the last quarter of 2008. Property prices fell, transactions and sales plummeted, projects were canceled or shelved, and what limited mortgage lending there was available dried up. At the end of H1-2008, the average price of re-sale flats in Moscow was US$24,840, up almost 30 percent from a year earlier, according to Knight Frank.....Full Article: Source
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