By the end of 2020, Moscow retained its leading position among European cities in terms of rental prices for luxury real estate. According to the World Cities Prime Residential Index research conducted by one of the world’s leading property advisors Savills, Moscow tied with Paris first in the European ranking and ranked fifth in the world ranking, the CIAN database of real estate ads reports.
At the end of the year, the cost per square metre of elite real estate in Moscow decreased by 6.4 per cent. The average cost in December 2020 was € 9.12 per week. At the same time, Moscow retained its leadership in the European market in terms of rental rates for elite real estate, which the city has held since 2019. In the European ranking, the second and third lines were taken by London and Amsterdam with a cost of € 8.59 and € 7.05 per square metre, respectively. The lowest rental price for luxury housing was found in Madrid (€ 3.8 per square metre).
Experts emphasize that the Moscow luxury rental market depends on corporate clients and tourist flows. The gap between supply and demand has widened since the start of the coronavirus pandemic. The Head of the Savills Lease Department in Russia, Elena Kulikova, noted that part of the short-term lease offer has moved to long-term. In addition, many tenants, due to the uncomfortable conditions of city life in a lockdown, preferred suburban housing.
Ru-Main, 05.02.2021
