BUSINESS

Moscow Super-Rich Pour Millions Into Luxury Homes

10/31/2008 05:12 am ET | Updated May 25, 2011

MOSCOW (Reuters) - The world outside may be in the thralls of crisis, with house prices plunging, markets slumping and banks collapsing; but Russia's cocooned super-rich can still spare 2.5 billion roubles ($99 million) for a Moscow townhouse apartment within strolling distance of the Kremlin.

Spurred by petrodollars and booming consumer confidence, Moscow's real estate - where sky high prices can outpace Manhattan and London - has so far avoided following the local stockmarket's downward spiral, which continued Tuesday.

Property agency Agent 002 said last Friday an unnamed buyer had splashed out on the seven-storey 1,300 square meter apartment near the Kursk railway station.

-OR-

Suggest a correction