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Our Customer Reviews

Istvan Lengyel, Hungary
I have excellent experience with City Realty! They are very flexible in extreme situations, like cancellation of a trip due to airline bankruptcy (MALEV), change of the apartment. I recommend them if you want to stay in Moscow at reasonable prices! » read more

Hannah Mayer
Dear Anastasia, I just wanted to let you know how much I appreciate your help over the past week. The apartment was great; we all felt comfortable and had a really good time. We checked out today at 11.30am and left the apartment just like we'd found it. Thanks loads once again! I » read more

Erwin Schaer, Switzerland
Dear Elena, City Realty was very efficient in organizing the rental of my appartment and in providing invitations required ro obtain visa. The transportation, with driver Viktor, was also very reliable. Real City is a partner who can be trusted entirely » read more

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St. Petersburg Real Estate Statistics 2004 – 2008

The residential real estate market in St. Petersburg over the 2004-2008 period was marked by rapid (four-fold) growth, which began in spring 2006 and ended with a sharp decline in fall 2008 as a consequence of the world financial crisis.

Such growth was spurred in large part by the heating up in the raw materials sector of the Russian economy, due to the unheard-of growth in energy prices. The second component was the quickly growing availability of mortgage financing, caused by the reduction in loan rates (to 8-9%) and softened bank requirements towards borrowers. And although the amount of loans was still disproportionately small compared to Europe and the U.S., it served as a strong impetus for inflating the price bubble.

Changes in average price on the St. Petersburg residential real estate market over the 2004-2008 period

Ultimately, the bubble burst and the fall in prices was sharp mainly due to the collapse in the exchange rate of the ruble vis-à-vis the main hard currencies (from 24 RUR/USD in August 2008 to 36 RUR/USD in February 2009).

Thus whereas the average price per square meter on the secondary market fell by only 11.5% in ruble terms between October 2008 and March 2009, the decline in dollar terms over the same period was 36.7%.

A similar trend could be observed on the primary market (new development) as well. Intensive growth in the amount of residential construction reached its apex in 2008. The ever-growing amount of new residential space coming online could not keep up with demand. Any property, even at the beginning phrase of construction, was sure to find a buyer. The feverish demand ended concurrently with the collapse of demand on the secondary market.

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