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Study ranks Moscow third in world rating of rising prices for luxury housing

Russia's capital city was left behind only by Berlin and Frankfurt

MOSCOW, August 15. / TASS /. Moscow took third place in the rate of price increases for luxury housing, according to the Knight Frank international consulting company, the company’s press service said on Thursday.

"Moscow, with an annual growth of 9.5% as of June, took third place in the world ranking of changes in average prices for luxury real estate among the 46 countries of the Prime Global Cities Index (PGCI), losing only to Berlin (+ 12.7%) and Frankfurt (+ 12%)," the report reads.

At the same time, compared with Q1 of 2019, the dynamics of growth in prices for elite housing in the Russian capital decreased by 2.5%. At the end of June, the weighted average bid price of new buildings of the high-budget segment amounted to 830,000 rubles ($12,542) per square meter, the company stated.

In general, in the 46 world cities mentioned in the ranking, the average annual price increase, as of June, amounted to 1.4%. This figure was the lowest in the last three years.