Moscow the 'Las Vegas' of global real estate

When you think of the most expensive real estate markets in the world, you probably assume oceanfront, palm trees and golf courses. Now chill that down a few dozen degrees. A new article from the Wharton School discusses how Moscow is the most expensive city in the world for expatriates, with soaring real estate prices largely propelling it to the top of the list. Prices on Moscow apartments have nearly doubled in about 10 years, the article states.

This is interesting when considering the trend of more Russians and Europeans buying up expensive Manhattan apartments and Florida properties. Richard Ferrari, a Prudential Douglas Elliman broker in Manhattan, said last fall that Russians and Europeans were flooding the Big Apple market. The broker in early 2005 estimated that he'd sold $18 million in New York City apartments to Russian buyers.

Wealthy Europeans have also sure enjoyed their real estate purchase power in the U.S. because of the devalued dollar. What trends with trans-Atlantic buyers are you seeing in your market?

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.