Amid the oil turmoil, the value of the ruble has decreased to a historic low resulting in stunted growth. The Russian economy is expected to contract by up to 5 percent this year and possibly more than 10 percent, according to an IMF report released on Friday. Between 2011 and 2015 the real estate price growth in Moscow was just 10.3%. Since Moscow's property prices are directly related to petroleum prices on the world commodities, apartment prices fell 51% between 2007 and 2009 when crude oil prices plummeted. Moscow does not have good short-term forecasts either, expert predicts that between 2015 and 2016 prices on the secondary real estate market might lose 10%.
Amid the oil turmoil, the value of the ruble has decreased to a historic low resulting in stunted growth. Thus, over the past five years real estate growth in Moscow has been at a slower rate than other major international cities such as Hong Kong, London, New York, São Paulo, Istanbul and Shanghai. Between 2011 and 2015 the real estate price growth in Moscow was just 10.3%. Since Moscow's property prices are directly related to petroleum prices on the world commodities, apartment prices fell 51% between 2007 and 2009 when crude oil prices plummeted. Moscow does not have good short-term forecasts either, expert predicts that between 2015 and 2016 prices on the secondary real estate market might lose 10%.