By way of comparison, housing prices in Moscow grew by 10%.
St. Petersburg rates among the world’s Top 5 cities with the highest housing prices growth. During 2019, residential property prices in St. Petersburg grew by 14% while those in Moscow were up 10% year-on-year.
150 cities were rated. St. Petersburg rose from the 37th position in the rating to the 5th, and Moscow from the 133rd line to the 11th.
The leader in terms of housing prices growth is Budapest, where property values were up 24% year-on-year followed by China’s Xian and Wuhan with a 15% increase.
There are several factors that have affected housing prices in Russia, including the increase in VAT and construction costs as well as the introduction of escrow accounts.