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• Russian real estate prices vary significantly from region to region. Government, financial sector, and large private businesses are concentrated in Moscow and St. Petersburg, inflating prices there. Private property prices in central Moscow are comparable with most expensive Western cities such as New York and London.
  
  In Moscow, average property prices rose from $700/sq.m in 2000 to over $4000/sq.m in 2007. Approximately half of that growth took place in 2006. Prices have peaked in February 2007 and are now gradually declining.
  
  Other cities have experienced similar growth, although remaining more affordable. For example, in Ulyanovsk, average apartment prices grew from $300 per square meter in 2002 to $1100 per square meter in 2007.

  Wiki 11 Apr 2008, 11:10 - Report

Property Prices in Russia