Moscow Sees Big Demand for High-End Apartments

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More than 50% of the 850 high-end apartments in Moscow that were available for rent at the end of last year cost around $6,000 per month, making luxury apartment realty in the city more of a landlord’s market than a renter’s market.

According to IntermarkSavills senior consultant, Anna Sharapova, many landlords are no longer offering to pay for additional services such as electricity and Internet. With high-end rental units soaring in price, many of the $7,000 – $20,000 per month apartments are being rented by executive managers, bankers and officials who are typically adults that are 38 years and older who have families with two to four children. Anna Levitova, Evans Property Services managing partner, says that in this price range, it’s common to see an equal split between locals and expats.

Over all, approximately 38% of the high-end market is made up of three-room apartments, 28% of four-room apartments, 16% of five rooms and above and just 2% is one-room apartments. Apartments in the $2,000-$3,000 per month range are usually rented to single, young couples under the age of 35. Much of the time, the individuals in this price range are foreigners or people who do not own property in the city. Once you get to the $4,000-$7,000 per month range, Levitova says you traditionally see successful mid-level and upper mid-level managers, often who have a family and are under 34 years old.

Individuals who plan to stay in Russia for a longer period of time tend to rent in places located near international schools while expats tend more toward renting apartments in the center of Moscow, for instance near Patriach’s Pond.

Speculation about high-end rentals for 2012 indicates that prices will remain relatively similar to last year’s, with most of the properties being rented for less than $6,000 per month.

Approximately 5% of the market is represented by the most expensive properties, costing around $15,000 per month.

Source: The Moscow Times

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