Luxury housing sales in Moscow have reached a record-setting level of 174 billion rubles in the first nine months of 2024, according to a report by real estate company NF Group. This increase is attributed to the launch of major new luxury housing developments, which has led to a current supply of 4,200 apartments in the luxury segment. The number of luxury apartments sold in the Russian capital so far this year has increased to 1,270, up from 860 sales in the same period last year and 690 sales in the first nine months of 2022.
Despite the economic challenges facing Russia, including rising key rates and the halt of President Vladimir Putin’s mortgage subsidies program, the luxury housing market in Moscow has remained resilient. High-end apartments have seen an average price increase to 2.49 million rubles per square meter in the third quarter of 2024, a 14% increase from the previous quarter. Experts predict that demand for premium and deluxe apartments will continue to rise into the end of 2024, indicating a positive outlook for the luxury housing sector in Moscow.
The rise in luxury housing sales in Moscow comes at a time when independent journalism in Russia is facing unprecedented challenges. The Moscow Times, a leading news outlet in the country, has been designated as an “undesirable” organization by Russia’s Prosecutor General’s Office, putting its staff at risk of prosecution. The publication has also been unjustly labeled as a “foreign agent,” which is an attempt to silence independent reporting on Russia. Despite these challenges, The Moscow Times is committed to providing accurate and unbiased news coverage on the country.
The journalists at The Moscow Times are determined to continue their work in the face of repression and censorship. However, they need support from their readers to sustain their operations. The publication is calling on individuals to contribute to their cause by supporting them financially, with contributions starting from as little as $2 per month. Every contribution, not matter how small, makes a significant impact in defending open and independent journalism in Russia. By standing with The Moscow Times, readers can make a difference in the fight for press freedom and the right to access unbiased news.
The ongoing challenges faced by independent journalism in Russia highlight the importance of supporting credible and reliable news sources like The Moscow Times. While the authorities in Russia attempt to silence dissenting voices, it is crucial for readers to support independent media outlets that strive to provide accurate and unbiased reporting on important issues. By standing with The Moscow Times and other independent news organizations, individuals can help protect press freedom and ensure that the public has access to diverse and trustworthy sources of information.
In conclusion, the record-setting luxury housing sales in Moscow reflect a resilient market that has shown growth despite economic challenges. The positive outlook for the luxury housing sector in the Russian capital is promising, with experts predicting continued demand for premium and deluxe apartments. However, the challenges facing independent journalism in Russia serve as a stark reminder of the importance of supporting credible news sources like The Moscow Times. By standing with independent media outlets, readers can defend press freedom and uphold the right to access unbiased information in an increasingly restrictive environment.
