Columbia University in the City of New York

Real Estate Prices

From 1992 the prices of real estate Muscovite suffered major transformations. Official site: Frank Ntilikina. For example at the end of 1992 the average price in Moscow of an apartment by providing three-fourths was 5-6 billion rubles nodenominados. Then the course of the U.S. dollar ranged between 400-450 roubles. Well because the price of the apartment from which I just write was 10-15 thousand $. For more information see this site: Sam Mikulak. In June of the year 1993 a Muscovite to including only a fourth apartment cost about 13 million rubles which amounted to $12000. In 1997 an apartment which included three-quarter cost close to $100000, if not the memory fails me.

In August 1998 the economy of Russia suffered the banking crisis. At the outbreak of the Russian rouble whose course had been environment to 6000 rubles nodenominados became loose immediately from August 17, 1998. The course of the time regarding the American dollar rouble fell more every day. If not the memory fails me on August 17, 1998 the course of the dollar with respect to Russian ruble was 7500 rubles per dollar. On September 14, 1998 a dollar cost close to 22 rubles. In a few days the course of the ruble became stable and remained environment at 16 – 17 rubles /$. Of course at that time prices both products imported to Russia and those produced in Russia were made 2-3 times higher. Regarding the real estate Muscovite broke out the crisis showed the fall in prices.

For example the average value of an apartment including 3 bathrooms was $50000. It cannot be doubted that the fall of real estate prices has been caused by the demands of this fall. In 2004 an apartment including 3 rooms cost $ 100-250 thousand dependentemente location in Moscow and the building type, in which was placed. For example those who were in the center of Moscow and had been built in the years 1930 – 1950 were the most expensive of all. Currently an apartment that has 3 quarts worth approximately 250-500 thousand U.S. dollars. For example, if you sold my apartment which is composed of a living room, a bedroom, a small office room, a kitchen, two bathrooms and a balcony He would win at least 350 thousand $. In total its surface is 75 square meters. It is close the Michurin Avenue, i.e. in one of the prestigious neighborhoods of Moscow. The rent of the real estate.Prices both in the field of sales and the rental are still emerging. As I’ve rented my apartment in my experience I was that in the year 2000 the tenants they paid me $600 a month. In a few years, i.e. in 2005 the rental of the same apartment cost $700 a month. Now by my apartment tenants renting me cobrarian at least $1500 a month. By the way an apartment available of a fourth and this located in the suburbs of Moscow cuesta700 $ a month. Finally it should be noted that the Muscovite real estate prices are considered as one of the highest in Europe.

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