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Moscow Ranks in Middle of European Real Estate Prices
Real estate news By Kommersant
Oct. 08, 2007
According to the European Council of Real Estate Professionals (French abbreviation CEPI), the cheapest housing in a European capital is in Vienna, Vilnius and Budapest (€700-800 per sq. m.) and the most expensive is in Rome, Paris and Copenhagen (€11,500-15,00). Moscow was not included in the organization's research, but real estate in the Russian capital costs €3000-3500 per sq. m.
Real estate is available at €3000 in comparative few cities reviewed by CEPI (which survey prices for three-room apartments in building built after 1997). Among the cities with comparably prices real estate are Copenhagen, Paris, Madrid, Stockholm and Luxembourg. London was not covered in the CEPI survey. Most capitals have real estate available at less than €2000 per sq. m. In Eastern Europe, real estate can be found starting at €500 per sq. m., and at €1500-2000 per sq. m. in Western Europe.
In most European capitals, the average price of an apartment is roughly the same as the average local annual income. That is not true of Moscow, however. The price of apartments varies by 2 to 7.5 times in most European capitals. Prices in Scandinavia and Eastern Europe tend to be closer together, while in Moscow, as in Paris and Rome, the location of an apartment has heavy influence on its price.
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