Currency prices for secondary housing have fallen sharply in Moscow

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The prices in USD for the secondary housing market have decreased by 13.2% in August as compared with July and have achieved the level of February, 2006.

As “Inkom-Nedvizhimost” reports, the average price for Moscow secondary housing is $2,946 per square meter. Since the beginning of 2015, prices in foreign currency have decreased by 15.8%, and, if compared with August of last year, by 44%. At the same time, the ruble’s purchasing power has decreased 2.3-fold as compared with February, 2006.
That is, for the same sum needed to purchase 1 flat 9 years ago, one may buy 2.3 objects of the same size. Besides this, ruble prices have also been scaled down. In August, the average cost of a purchase decreased by 0.9% to 192,100 rubles for a square meter. If compared with the beginning of the year, the index has decreased by 1.5%.
The average price discount in August was 10%, a historical record. Almost 80% of deals in this segment involve discounts.