Moscow and St. Petersburg Entered Top 10 World’s Largest Cities in Housing Prices Growth

Moscow and St. Petersburg took seventh and eighth places, respectively, in the global ranking of housing price increases in the Global Residential Cities Index in the Q1 of 2021, TASS reports with reference to the Knight Frank international consulting company. 

It is noted that Moscow took the seventh line of the index with a positive price dynamics of 22.4 per cent, while a year ago the city was only in 143rd place in the rating (-3.6 per cent). St. Petersburg moved from the sixth to the eighth line (+14.0 per cent in the Q1 of 2020 and +22.1 per cent at the end of the same period in 2021).

According to the Director of the Consulting and Analytics Department at Knight Frank, Olga Shirokova, in the medium term, experts predict a slowdown in price growth in Moscow due to changes in the terms of preferential mortgages and the likely increase in mortgage lending rates in the near future.

On average, the annual growth in prices in 150 analyzed cities was 7.4 per cent. It is also clarified that the Turkish cities Izmir (+33.9 per cent y/y) and Ankara (+30.3 per cent), as well as the capital of New Zealand, Wellington (+30.1 per cent), became the leaders of the ranking in the Q1 of 2021.

Ru-Main, 05.07.2021 

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